The Bank of Canada Sets the Key Interest Rate and this is the target overnight interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves - it is this rate that the banks determine all of their lending rates to the public. This rate is also known as the Bank of Canada Prime Rate
Typically, banks charge 2% above the Bank of Canada Prime Rate for their lines of credit and for their best customers.
The current Bank of Canada Prime Rate is 1% Thus, the Bank Prime Rate today is 3%
The Bank of Canada has kept the current Bank of Canada Prime Rate at 1% since July of 2010
See the current rate at this page:
http://www.mississauga4sale.com/rates.htm
more on the definitions of Prime Rate, Bank Rate, Target Rate and more
http://www.mississauga4sale.com/How-does-Bank-of-Canada-Bank-Set-Prime-Rate.htm
All the best!
Mark
For more information please contact A. Mark Argentino
A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com
