10/28/2026
🚨 VARIABLE MORTGAGE RATES WENT UP TODAY! HOW MUCH MORE WILL YOU PAY?
For the first time in over 3 years, the Bank of Canada has raised interest rates!
Bank prime rate is increasing from 4.45% to 4.70%.
But here's some perspective: ❤️
Even with this increase, the prime rate is still well below its 2023 peak of 7.20%!
So, what does this mean for YOU?
🏡 Variable-rate mortgage? If your payments adjust with rates, expect approximately $70 more per month on a $500,000 mortgage.
đź’ł Home Equity Line of Credit? Expect approximately $20.83 more per month for every $100,000 borrowed, assuming interest-only payments.
đź”’ Fixed-rate mortgage? Your existing rate and payment stay the same.
🔑 Buying or renewing? Rate protection matters! Secure a fixed-rate hold early to help protect yourself against potential increases.
I know rising rates can feel unsettling, especially when you're managing your home, family, and finances.
But remember:
❤️ You can't control interest rates. You CAN control your strategy!
Don't panic. Don't guess. Plan with a pro.
📅 Book a 15-minute Quick Call with our team. Ready ka man o hindi pa, we're here to help you make confident decisions!👉https://bit.ly/4e9g3sf
