Less than a month later, after Liberal government has issued new mortgage rules, TD canada Trust hikes prime rate to 2.85%. One would think if stress test is at 4.85% why wouldn't banks use it to their advantage? So who is screwing consumers at this point, government, banks or both?
New rules: http://www.fin.gc.ca/n16/data/16-117_2-eng.asp James Laird, a co-founder of rate-comparing website RateHub and president of mortgage brokerage Canwise Financial, says he can't recall the last time a major bank moved its prime lending rate out of step with the Bank of Canada, which has been on the sidelines for all of this year and is next scheduled to meet next month. http://www.cbc.ca/…/b…/td-bank-mortgage-prime-rate-1.3830878
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