The Bank of Canada has so far lifted its benchmark rate by 75 basis points, which has raised prime rate, affecting variable-rate mortgages and lines of credit.
In September, HomeEquity Bank announced its acquisition by Ontario Teachers’ Pension Plan Board, subject to the receipt of required regulatory approvals, which are still pending.
The company now allows homeowners aged 55+ in Ontario and B.C.
“The rise in home prices across Canada in recent years has been especially pronounced in B.C., which has helped B.C.