The Bank of Canada’s change to the prime rate is nothing to worry about according to one Regina mortgage broker.
According to Carrie Cardinal, the increase in the prime rate from 3.7 per cent to 3.95 per cent has been expected for a while.
“This rate change was anticipated and we’ve been so low for so long. Now, a quarter per cent change hits the front page of the news,” Cardinal said.
She added the change does not impact first-time buyers, the amount borrowers can qualify for or those with fixed-rate mortgages.
The prime rate increase does affect those with mortgages and home equity lines of credit with a variable rate.
They could see their payments increase by $13 per month for every $100,000 of the mortgage balance.