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Thread: Bank of Canada raised rate 1/4% today

  1. #1
    Luv Saving People Money MortgageQueen's Avatar
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    BOC raised the rate .25% to what is now .75%. Banks are raising their prime rates starting tomorrow. With the exception of TD (3.1%) most lenders now have a prime rate of 2.95%

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    Easy Glider GoodBoy's Avatar
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    ... and now all those who were on the cusp of not being able to pay their mortgages or other debt will be pushed over the line...
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  3. #3
    no more door to door! :) walkonby's Avatar
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    ^^ they were warned oh so many times.
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  4. #4
    Easy Glider GoodBoy's Avatar
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    Quote Originally Posted by walkonby View Post
    ^^ they were warned oh so many times.
    100% agree - yet most never listened and extended themselves even more... I see my neighbours with young families now fretting big time and yet it was fine to have the big vacation and the third car (for 2 people!!). Sometimes I just shake my head! :o
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    Dancing bean paste bun Ciel's Avatar
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    Quote Originally Posted by GoodBoy View Post
    100% agree - yet most never listened and extended themselves even more... I see my neighbours with young families now fretting big time and yet it was fine to have the big vacation and the third car (for 2 people!!). Sometimes I just shake my head! :o
    Maybe having to decide between the mortgage payment or food will help shift their priorities. Or a sudden garage sale.
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    2017-Year of the Rooster

  6. #6
    Smart Canuck
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    Quote Originally Posted by GoodBoy View Post
    ... and now all those who were on the cusp of not being able to pay their mortgages or other debt will be pushed over the line...
    That will only affect those with variable rate mortgages. Those with fixed rates won't see any changes until their current term ends. Not saying there aren't people that have taken on far too much debt, and clearly low rates have led to some buying houses with price tags much higher than they would have with higher rates, but this Bank of Canada move, and the next one they will likely announce later this year, won't have immediate visible effects for most.
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  7. #7
    Smart Canuck
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    Oh the banks are so thoughtful the last .25% reduction was passed on to the consumer as .15% and now this .25% increase was passed along as the full .25% Thank you Canadian Banks for pocketing some of the last decrease and allowing me to have the full increase.
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