I’m sure you’ve heard that interest Rates are increasing in Canada…so what does this mean for you? This week we will share what you need to know about how interest rate hikes will affect the Saskatoon Real Estate Market.
This week, for the first time since 2018, the Bank of Canada raised its key lending rate by 25 basis points to try to control the growing rate of inflation.
You may be wondering what this means to you?
In the coming days, banks and other financial institutions will likely increase their prime lending rate. RBC and TD Bank already hiked their prime rates to 2.7% from 2.45% effective March 3.
Variable Rate Mortgage
If you currently have a variable-rate mortgage, you will start to see your rates increase with a slightly higher monthly payment.
Fixed Variable Rate Mortgage
If you have a fixed variable-mortgage payment, more of your payment will go towards interest rather than towards the principal.
Fixed Rate Mortgage
If you are currently...