#Variable #Rate #mortgage #alberta #prime Bank of Canada Increases Overnight Lending Rate As expected the Bank of Canada increased their overnight lending rate by 0.25%, raising the Prime Lending Rate for most if not all of the lenders to 2.70%. Here are a couple of things that you need to know. Prime Rate Change: Most if not all of the lenders changed their prime lending rate from 2.45% to 2.70%. This change is effective March 03, 2022 for most lenders. This means if

#Variable #Rate #Mortgage? You Might be Overpaying! Did you know a lot of variable rate mortgage holders are paying way too much? Variable rates are most often the easiest to get out of with a simple 3 months interest penalty. If you take a look at the illustration below, you will see that if you do not have a rate of 1.45%, or prime minus 1%, then you could be overpaying. As you can see, I am using a $300,000 mortgage with a rate of 2.45%. Using a new rate of 1.45