One of Canada’s largest banks is raising rates on some of its mortgages amid tighter federal mortgage-insurance rules and mounting concerns about soaring home prices.
Toronto-Dominion Bank said it has increased its prime rate for variable-rate mortgages by 15 basis points, to 2.85 per cent from 2.7 per cent, starting on Tuesday. It is the first change to a prime rate since July, 2015, when TD and other major banks slashed their rates 10 to 15 basis points after the Bank of Canada lowered its overnight rate. (A basis point is 1/100th of a percentage point.)Report Typo/Error