This is one thing that surprises me, that maybe should be addressed politically. That there aren't rules that banks must follow suit on BOC prime changes, and that variable rate products must move both down and up.
As has been said, people take the risk on variable rate mortgages that they will benefit from interest rate decreases as well as be exposed to rate increases. The banks appear to be trying to possess cake as well as consume it concurrently.
Not to mention for every day they delay it is presumably stuffing a bunch of extra money into there accounts at the expense of every debtor who should be seeing their rate reduced.
I could see the government putting in some regulatory muscle behind it if this is the way the banks choose to act.
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