01/29/2025
π¨ Following the Bank of Canada's rate announcement this morning, effective tomorrow (Jan 30, 2025), most lenders will be changing their prime rates to 5.2%! This will give borrowers a payment relief of roughly $16/100k in borrowed funds for those who are in adjustable rate mortgages. If you are in a Variable Interest Rate Mortgage (VIRM), your payments will not change, but rather the portion of your payment paying off the principal balance will increase. For any questions. Reach out to the Vigs!