The big banks raised prime to 4.70% today, following the Bank of Canada's hike. Variable-rate borrowers and HELOC holders feel it first. Most of my clients still want the certainty of a fixed payment, and after the sharp variable increases of 2022 and 2023 that instinct runs deep. If you are considering variable, make sure you could carry a higher payment if rates climb again.
Prime rate hits 4.70% today as big banks act on BoC hike
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