Sam’s shorts are concise notes, keeping you informed of important information relating to mortgage matters. We promise, we will keep it short, to the point, giving our perspective without wasting your time!

Today the Bank of Canada increased their prime lending rate to 5.0%. This is the 10th increase since March 2, 2022. If you would like to chat more about current and future interest rates, please (contact me).

Recent history on interest rates:

Date:	Target Rate:	Change:
March 2	.50%	+.25%
April 13, 2022	1.00%	+.50%
June 1, 2022	1.50%	+.50%
July 13, 2022	2.50%	+.50%
September 7, 2022	3.25%	+.75%
October 26, 2022	3.75%	+.50%
December 7, 2022	4.25%	+.50%
January 25, 2023	4.50%	+.25%
March 8, 2023	4.50%	0.00%
April 12, 2023	4.50%	0.00%
June 7, 2023	4.75%	+.25%`
July 12, 2023	5.0%	+.25%

 

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