Prime Rate Stays Steady


Ron Lefebvre, AMP
Mortgage Consultant
Economic Update
Prime rate stays steady

The Bank of Canada announced today that it is keeping the overnight rate unchanged. The Bank continues to believe that increases will be required to achieve their inflation target, but that the pace of increases depends on many factors, including the effect of higher interest rates on consumption and housing, global trade developments, the persistent oil price shock, and the evolution of business investment. The next rate-setting day is Wednesday, January 9th.

Get in touch if you have questions about your mortgage plan, or if you need a new mortgage, are renewing, or are looking to refinance for debt consolidation, renovations or other large expenditures. If you or anyone you know is cash poor but house rich, now may be the time to consider a reverse mortgage. A reverse mortgage allows access to home equity without any mortgage payments on those funds. Ownership is always maintained and the homeowner is never required to move or sell. It’s a brilliant way to help children or grandchildren with their downpayment, buy a second property, start a business, or complete renovations.

It’s so important to work with an experienced professional who knows the right questions to ask to assess your situation and provide the direction you need to achieve your goals for homeownership and wealth building. Good advice early saves time, money, and stress!

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms Posted Rates Our Rates
6 MONTHS 3.34% 3.10%
1 YEAR 3.59% 3.19%
2 YEARS 3.74% 3.19%
3 YEARS 3.89% 3.39%
4 YEARS 3.94% 3.64%
5 YEARS 5.59% 3.59%
7 YEARS 5.80% 3.74%
10 YEARS 6.10% 4.04%

Insured mortgage rates, subject to change. Conventional and refinance rates may be higher.
Some rates may not be available in all provinces. Consult a local Invis professional for more information. OAC. E&EO

Prime Rate 3.95%
5 yr variable 2.85%

Crunch the numbers and explore different scenarios with our website calculators.

Mortgage Consultant

Invis Inc. 600 – 5770 Hurontario St., Mississauga, ON L5R 3G5

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