A Word to the Wise (From a Commercial Mortgage Broker) !!
If you have a commercial mortgage that is due for renewal in 2023, please contact me ASAP to properly arrange your re-mortgaging at the lowest cost. On July 12, 2023, the Bank of Canada raised its Policy Rate by 0.25% for the 10th time since March 2022, bringing the rate to 5.00% from a low of 0.25%. Almost immediately, Canada’s chartered banks raised their prime lending rate by the same 25 basis points from 6.95% to 7.20%. Although commercial mortgage rates are not a direct function of Canada’s prime rate, normally all interest rates are interrelated and they too will be rising.