Latest Updates
Stay informed about the Bank of Canada's overnight rate decisions and their impact on mortgage rates. The overnight rate is the interest rate at which major financial institutions borrow and lend one-day funds among themselves, and it directly influences the prime rate used by lenders.
Changes to the overnight rate can significantly affect variable-rate mortgages and the qualifying rates used for mortgage stress tests. Our team monitors these updates closely to help you make informed decisions about your mortgage timing and product selection.
How This Affects You
- Variable-rate mortgage holders see direct payment changes
- Fixed-rate mortgage pricing may adjust in anticipation of future changes
- Home equity line of credit (HELOC) rates typically move with the overnight rate