This week will touch on some of the highlights from the Mortgage Professionals Conference in Montreal. This is the largest conference in our industry and features all of the significant players in the broker industry.
As expected, the Bank of Canada increased its overnight rate on Wednesday to 1.75%. Canadian banks are responding by announcing increases to their Prime Lending Rate. The Bank Prime is now at 3.95%. For those in a Variable or Adjustable Rate Mortgage, your lender will be notifying you of when their increase will take effect.