The interest rates increase has been finalized. CIBC, TD, RBC, BMO, and Scotiabank all announced an increase in the Prime interest rate from 3.45% to 3.70%. That does not mean borrowers will have to pay this amount; the bank usually give an incentive of Prime – (up to 1%) which means 2.70%. Time to spend less and save more to keep up with your mortgages and loans. This increase is said to aid in keeping the economy on track. Home prices should not be greatly affected. #interestrates #oakvillerealestate #marketupdate
By: Frank Ilia