Great deals only last for a limited time. We all knew it was coming, we just didn’t know how soon…
Canada’s biggest banks are increasing key mortgage rates. Royal Bank of Canada announced the change on five-year, fixed-rate mortgages to 5.45%, an increase of 0.2%.
Bank of Montreal, Toronto-Dominion Bank, Bank of Nova Scotia and Canadian Imperial Bank of Commerce are following. The changes at RBC and BMO took effect on Tuesday this week, while new rates at TD, Scotiabank and CIBC were to be posted yesterday. ( I haven’t checked the news yet)
And those “special offers” from RBC, BMO and Scotiabank on five-year closed mortgages at 4.15% will also be subject to change without notice, reflecting a 0.2% increase.
On the other hand, variable rates are decreasing from Prime+0.80% to Prime+0.40%.
More info on variable rates on Canadian Mortgage Trends
Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
That is great news for people who have variable rates. I am curious to see what else the bank of Canada has in store for us in the near future.