We use the Bank of Canada’s policy interest rate to establish the interest rates of our products such as: 

• Mortgages and personal loans 
• Lines of credit 
• Savings accounts 
• Guaranteed Investment Certificates (GICs)

 

When the policy interest rate increases or decreases, so does the interest rate of your products. 

 

Here’s how an increase in the policy interest rate affects a mortgage: 

• Have a fixed rate? Your loan won’t be affected by an increase. Your rate will be reviewed for renewal at the end of the current term. 
• Have a variable rate? Your rates and payments will both increase. 
• Looking to buy property? An increase could affect your ability to do so. Calculate your budget and borrowing capacity before making your purchase. 

 

Want to learn more? 

• Read our article on the impact that an increase in the policy interest rate can have on your finances. 
• Discuss your projects and finances with one of our advisors.