What to Do When Mortgage Rates are High in BC
Canadian Mortgage Trends reports that BMO, CIBC, RBC and the National Bank have increased their posted fixed rates at the onset of June. The remainder of Canada’s Big 6 banks are likely to follow suit. If the next Bank of Canada announcement increases the prime rate, variable rates will also rise accordingly. This leads prospective homeowners in British Columbia to ask, “What to Do When Mortgage Rates are High?”. Below is a breakdown of what generally unfolds, and one answer that you should take to heart (and to the bank).