In what I’d call, a Halloween Hangover move, TD announced they will be raising their Bank Prime Mortgage rate to 2.85% from 2.70%. In a circular I received today from TD, they threw us yet another surprise, in a month full of surprises.
What’s interesting is that on Oct 19, the Bank of Canada Governor, Stephen Poloz, was quoted saying he was considering lowering the rate.
Variable Rate mortgages are priced from the Bank Prime rate. TD is adding a 0.15% premium to all Variable rate mortgage clients.
We should be watching for the other BIG SIX BANKS to follow. If they don’t in the next week, the perhaps TD will pull back. TD seems to be telling us it’s due to market conditions (whatever that means). Personally, I think it’s just greed. There’s not real reason to raise the rates….
Stay tuned… this story hasn’t fully played out yet.
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As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.