The premium being charged over Prime for some Variable Rate Mortgages have now been reduced to zero "0" with some lenders. For now, Variable Rate mortgages on new business, will float at Prime, which is currently 2.25%.

As attractive as these rates are, remember that interest rates WILL go up, as soon as Bank of Canada deems it viable to do so.  If the risk of rising rates will impact your ability to make monthly payments, consider locking in at some of the attractive fixed rates.  As always, consult with your mortgage consultant to find the best mortgage package to suit your individual needs and financial goals.