BC Canada Variable Rate Mortgage & How does it work - TMG The Mortgage Group Canada Inc.
Variable Mortgage Rates in BC & Canada are tied directly to your bank's prime rate, which is based on the Bank of Canada Mortgage rate. The Bank of Canada is our central bank, operating at arm's length from the federal government. The central bank uses its rate as a tool to achieve the goals of "Low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt." Our central bank sets the trend for short-term interest rates and has a direct impact on short-term rates for mortgages and lines of credit, as well as rates paid on deposits and investment certificates.
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