No Change to Prime Interest Rate in Canada

At the end of October, the Bank of Canada announced that it would be leaving the overnight rate unchanged, which means that the Prime rate will remain at 2.45 per cent. They suggested that this low rate environment will  continue through until 2023, with the pandemic and resulting low inflation and GDP, as well as low oil prices being a key driver of this decision.

Whether you are looking for a new mortgage or considering any type of renewal or financing, it is important to get all of the information possible by speaking with your lender. There are lots of opportunities right now to save money if you play out the various options available to you.