10/28/2026
📢 Bank of Canada Rate Update
The Bank of Canada has increased its rate by 0.25%, and if you have a variable-rate mortgage, you may be wondering what this means for you!
Here’s a quick breakdown 👇
🏡 If you have a variable-rate mortgage:
💰 Adjustable payments: If your lender increases its prime rate, you’ll generally see an increase in your mortgage payment.
💰 Fixed payments: Your payment may stay the same for now, but more of it will go toward interest and less toward paying down your mortgage balance.
🏠 Currently in a fixed-rate term? This announcement won’t change your existing mortgage rate or payment.
So, what could this look like? On a $500,000 mortgage with 25 years remaining, a 0.25% increase could mean roughly $70 more per month if your payment is adjusted to reflect the higher rate.
Of course, every mortgage is different, and the impact will depend on your individual mortgage details.
The important thing is understanding how this affects YOUR situation. ❤️
If you have questions about your mortgage, are coming up for renewal, or are thinking about buying a home, feel free to reach out. I’m always happy to chat about your options!
Nicole George | Mortgage Broker
APlus Mortgage Group
[email protected]
709-763-3124
APlusMortgageGroup
