Yesterday, The Bank of Canada raised the prime rate for the first time in 3 years. The charter banks followed by raising their respective prime rates by .25% .The new prime rate is 2.50%. Depending on whom you listen to ,some say this may be the only rate hike this year. Take it for what it's worth.
The good news is ,BMO Bank of Montreal,, actually lowered it's 5 year low rate mortgage to 4.25%.
According to many of the major newspapers in Canada, this is the lowest 5 year rate by the major mortgage companies in Canada. Please cascade this to your respective home buyers. I appreciate any business you can send.
Mr.Dana E.Cole Mortgage Specialist Prince Edward Island cell#902 388 0192