Bank of Canada leaves the key rate unchanged

The Bank of Canada announced today that it is holding its key rate steady. Great news if you have a variable-rate mortgage or home equity line of credit, and for those looking to buy, renew or refinance this spring.

The announcement noted that “the impact of the oil price shock on growth will be more front-loaded than predicted in January, but not larger.” And that the “Canadian economy is estimated to have stalled in the first quarter of 2015.”

The next rate-setting day is May 27th.

Whatever your mortgage need, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation!

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms Posted Rates Our Rates
6 MONTHS 3.14% 3.10%
1 YEAR 2.99% 2.29%
2 YEARS 2.94% 2.19%
3 YEARS 3.44% 2.34%
4 YEARS 3.94% 2.54%
5 YEARS 4.79% 2.64%
7 YEARS 6.04% 3.39%
10 YEARS 6.50% 3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate 2.85%
5 yr variable 2.20%

Crunch the numbers and explore different scenarios with our website calculators.