{"id":36615,"date":"2016-11-02T11:21:23","date_gmt":"2016-11-02T15:21:23","guid":{"rendered":"http:\/\/www.northeastmortgages.ca\/?p=36615"},"modified":"2021-02-06T02:04:46","modified_gmt":"2021-02-06T01:04:46","slug":"td-bank-raises-prime-rate-2-85","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/","title":{"rendered":"TD Bank Raises Prime Rate To 2.85%"},"content":{"rendered":"

On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85% This means that TD is now at 2.35% above the Overnight rate that the Bank of Canada has set.<\/p>\n

We are anticipating that in the next Interest rate announcement scheduled for the 7th of December\u00a02016 the bank of Canada will be reducing its overnight rate.<\/p>\n

These decisions to raise the prime rate are never done by only one lender and I believe that we will be seeing all the banks raising the prime rate to meet with the rate that TD Bank has set.<\/p>\n

The overnight rate has not changed since the 15th of July 2015. Yet banks are raising the prime.\u00a0Historically\u00a0the spread that\u00a0the banks had over the Overnight rate was 1% however since the bank of Canada\u00a0has dropped\u00a0its rate to\u00a0under 1% the banks decided to increase the spread they have. This translated to huge profits for them instead of giving the money back to the consumer.<\/p>\n

The main people that will be impacted by this change are those with variable rate mortgages and Lines of credit. Consumers in the last couple of years have become increasingly rate sensitive, as rates fall people will argue and complain over the smallest\u00a0changes in rates. I have personally witnessed people take days of work to save .05 Bps off a mortgage rate. Big banks and unscrupulous\u00a0mortgage brokers sucker consumers in giving them low rate mortgages and bad advice. The mortgages are loaded with restriction and leave consumers vulnerable to rate changes that can be unilaterally decided by the banks. It remains to be seen what will happen during the next rate announcement, but one thing is for sure regardless of what happens I do not see banks lowering the prime rate. Rather if the BOC lowers the overnight rate they will just put more money in their pockets.<\/p>\n

As always\u00a0I am available\u00a0to answer any questions.<\/p>\n

Also, take a look at some of the best mortgage rates in Quebec<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key […]<\/p>\n","protected":false},"author":2,"featured_media":36616,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,18],"tags":[29,32,33],"featured_image_urls":{"full":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust.jpg",2592,1728,false],"thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-150x150.jpg",150,150,true],"medium":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-768x512.jpg",768,512,true],"large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust.jpg",1536,1024,false],"2048x2048":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust.jpg",2048,1365,false],"post-thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-150x100.jpg",150,100,true],"melissa-img-706-471":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-706x471.jpg",706,471,true],"melissa-img-706-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-706x471.jpg",706,471,true],"melissa-img-1200-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust-1200x800.jpg",1200,800,true]},"post_excerpt_stackable":"

On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85% This means that TD is now at 2.35% above the Overnight rate that the Bank of Canada has set. We are anticipating that in the next Interest rate announcement scheduled for the 7th of December\u00a02016 the bank of Canada will be reducing its overnight rate. These decisions to raise the prime rate are never done by only one…<\/p>\n","category_list":"Interest Rate<\/a>, Market Updates<\/a>","author_info":{"name":"Terry Kilakos","url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/hdgyye73sy\/"},"comments_num":"0 comments","yoast_head":"\nTD Bank Raises Prime Rate To 2.85% - North East - Best Mortgage Broker<\/title>\n<meta name=\"description\" content=\"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TD Bank Raises Prime Rate To 2.85%\" \/>\n<meta property=\"og:description\" content=\"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NorthEastNordEst\" \/>\n<meta property=\"article:published_time\" content=\"2016-11-02T15:21:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-06T01:04:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2592\" \/>\n\t<meta property=\"og:image:height\" content=\"1728\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Terry Kilakos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:site\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Terry Kilakos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\"},\"author\":{\"name\":\"Terry Kilakos\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/4906244391456eadff10f8919b6fe474\"},\"headline\":\"TD Bank Raises Prime Rate To 2.85%\",\"datePublished\":\"2016-11-02T15:21:23+00:00\",\"dateModified\":\"2021-02-06T01:04:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\"},\"wordCount\":368,\"publisher\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\"},\"keywords\":[\"mortgage broker\",\"prime rate\",\"TD Bank\"],\"articleSection\":[\"Interest Rate\",\"Market Updates\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\",\"name\":\"TD Bank Raises Prime Rate To 2.85% - North East - Best Mortgage Broker\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#website\"},\"datePublished\":\"2016-11-02T15:21:23+00:00\",\"dateModified\":\"2021-02-06T01:04:46+00:00\",\"description\":\"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/www.nordest.ca\/blogue\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TD Bank Raises Prime Rate To 2.85%\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#website\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/\",\"name\":\"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.nordest.ca\/blogue\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\",\"name\":\"North East Real Estate & Mortgage Agency\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2013\/01\/NorthEast2011-Logo-EN-compass-e1652547725991.png\",\"contentUrl\":\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2013\/01\/NorthEast2011-Logo-EN-compass-e1652547725991.png\",\"width\":1200,\"height\":1322,\"caption\":\"North East Real Estate & Mortgage Agency\"},\"image\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/NorthEastNordEst\",\"https:\/\/twitter.com\/NorthEastFirm\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/4906244391456eadff10f8919b6fe474\",\"name\":\"Terry Kilakos\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3c6ab79e7434ede827afd60269bcf672?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3c6ab79e7434ede827afd60269bcf672?s=96&d=mm&r=g\",\"caption\":\"Terry Kilakos\"},\"url\":\"https:\/\/www.nordest.ca\/blogue\/en\/author\/hdgyye73sy\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TD Bank Raises Prime Rate To 2.85% - North East - Best Mortgage Broker","description":"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/","og_locale":"en_US","og_type":"article","og_title":"TD Bank Raises Prime Rate To 2.85%","og_description":"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.","og_url":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/","og_site_name":"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca","article_publisher":"https:\/\/www.facebook.com\/NorthEastNordEst","article_published_time":"2016-11-02T15:21:23+00:00","article_modified_time":"2021-02-06T01:04:46+00:00","og_image":[{"width":2592,"height":1728,"url":"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2016\/11\/TD-Canada-Trust.jpg","type":"image\/jpeg"}],"author":"Terry Kilakos","twitter_card":"summary_large_image","twitter_creator":"@NorthEastFirm","twitter_site":"@NorthEastFirm","twitter_misc":{"Written by":"Terry Kilakos","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#article","isPartOf":{"@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/"},"author":{"name":"Terry Kilakos","@id":"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/4906244391456eadff10f8919b6fe474"},"headline":"TD Bank Raises Prime Rate To 2.85%","datePublished":"2016-11-02T15:21:23+00:00","dateModified":"2021-02-06T01:04:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/"},"wordCount":368,"publisher":{"@id":"https:\/\/www.nordest.ca\/blogue\/#organization"},"keywords":["mortgage broker","prime rate","TD Bank"],"articleSection":["Interest Rate","Market Updates"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/","url":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/","name":"TD Bank Raises Prime Rate To 2.85% - North East - Best Mortgage Broker","isPartOf":{"@id":"https:\/\/www.nordest.ca\/blogue\/#website"},"datePublished":"2016-11-02T15:21:23+00:00","dateModified":"2021-02-06T01:04:46+00:00","description":"On the heels of the new mortgage policy changes and\u00a0a recent announcement\u00a0by the Bank of Canada to keep the key overnight rate at .50%. The TD bank will increase its spread over the overnight rate by raising the prime rate to 2.85%. What does this mean for you? Click here to find out.","breadcrumb":{"@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.nordest.ca\/blogue\/en\/td-bank-raises-prime-rate-2-85\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.nordest.ca\/blogue\/"},{"@type":"ListItem","position":2,"name":"TD Bank Raises Prime Rate To 2.85%"}]},{"@type":"WebSite","@id":"https:\/\/www.nordest.ca\/blogue\/#website","url":"https:\/\/www.nordest.ca\/blogue\/","name":"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca","description":"","publisher":{"@id":"https:\/\/www.nordest.ca\/blogue\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.nordest.ca\/blogue\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.nordest.ca\/blogue\/#organization","name":"North East Real Estate & Mortgage Agency","url":"https:\/\/www.nordest.ca\/blogue\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.nordest.ca\/blogue\/#\/schema\/logo\/image\/","url":"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2013\/01\/NorthEast2011-Logo-EN-compass-e1652547725991.png","contentUrl":"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2013\/01\/NorthEast2011-Logo-EN-compass-e1652547725991.png","width":1200,"height":1322,"caption":"North East Real Estate & Mortgage Agency"},"image":{"@id":"https:\/\/www.nordest.ca\/blogue\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/NorthEastNordEst","https:\/\/twitter.com\/NorthEastFirm"]},{"@type":"Person","@id":"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/4906244391456eadff10f8919b6fe474","name":"Terry Kilakos","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3c6ab79e7434ede827afd60269bcf672?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3c6ab79e7434ede827afd60269bcf672?s=96&d=mm&r=g","caption":"Terry Kilakos"},"url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/hdgyye73sy\/"}]}},"_links":{"self":[{"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/posts\/36615\/"}],"collection":[{"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/posts\/"}],"about":[{"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/types\/post\/"}],"author":[{"embeddable":true,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/users\/2\/"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/comments\/?post=36615"}],"version-history":[{"count":1,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/posts\/36615\/revisions\/"}],"predecessor-version":[{"id":39386,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/posts\/36615\/revisions\/39386\/"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/media\/36616\/"}],"wp:attachment":[{"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/media\/?parent=36615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/categories\/?post=36615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nordest.ca\/blogue\/en\/wp-json\/wp\/v2\/tags\/?post=36615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}