Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
Bank of Canada Interest Rate Announcements 2023
June 8, 2023 | Posted by: Natalie Wellings
If you have a variable-rate mortgage, or a home equity line of credit, you’ll want to note the following dates in your calendar. These dates are scheduled for an interest rate announcement by the Bank of Canada, which sets the prime rate.
- January 25th, 2023
- March 8th, 2023
- April 12th, 2023
- June 7th, 2023
- July 12th, 2023
- September 6th, 2023
- October 25th, 2023
- December 6th, 2023
In the announcement slated for tomorrow, most are predicting a 0.25% increase followed by a stoppage to the rate increases and an eventual lowering of the prime rate as inflationary pressures ease.
If you are buying a home, or renewing your mortgage, and aren’t sure what to do, I think that the variable is a viable strategy right now since you can always convert your variable to a fixed rate mortgage without penalty when rates eventually (hopefully) drop.
If you have questions or just want to chat mortgages, give me a call at 780-722-6287.
