The Bank of Canada has raised the Prime rate 7 times since March 2022, that is a whopping 4% in 9 months. The next BoC meeting is scheduled for next week January 25th. The good news is that inflation appears to be heading downward here and in the US but it may not be enough and the consensus is that there will be an increase of 0.25% next week. If that happens, Bank prime will move from 6.45% to 6.7%. Those with Variable Rates mortgages and with Secured Lines of Credit will be affected immediately so be prepared and budget upfront if possible. For those whose mortgages are coming up for renewal, mortgage payments will very likely be higher than what you are paying now. Lotus Loans & Mortgages Corp is well versed in helping to renegotiate mortgages coming up for renewal in order to obtain the lowest payments, consolidate debt and find the most suitable products. Make sure to refer us to anyone you know who is coming up for renewal so we may assist.