Note: This is my first property purchase so forgive the n00b question
I plan to sign at the notary for the purchase of a condo in the upcoming months. The condo was under construction for the past year and is expected to be built early 2023. According the mortgage advisor, I can only sign at the notary and lock in rates 90 days prior to the property being built (i.e. November).
I gave my downpayment 1 year ago and evidently, rates weren't as bad as today but I couldn't lock them in. Now bonds are worse, central gov increased rates so Fixed + Variable Rates have increased considerably.
Question: I want to anticipate the impact of Central Bank Rates on the Rate I would expect to get by Banks. E.g. Tomorrow Central Bank raises rates by 0.75%. What would be the impact on Variable + Fixed rates. For the sake of simplicity, let's use any big bank (RBC, TD). Is the impact immediate? Is it a 1:1 impact where 0.75% increase = 0.75% increase for RBC.
Extra Is it really true that I can only lock in interest rates 3 months prior as mentioned above?