TD Bank raised their prime lending rate up yesterday by 15 basis points, going from 2.7% to 2.85%. This rate hike was released despite the Bank of Canada not changing its overnight lending rate, which is a rare thing for a bank to do. Variable rate changes for consumers are usually tied to the Bank of Canada rate changes, since banks typically change their rates according to what the Bank of Canada is doing.
This raise will affect customers who hold a variable mortgage rate with TD Bank. We are waiting to see if other banks will follow TD’s lead, and we will, as always, keep you informed and updated.