03/02/2022
The Bank of Canada has risen its key interest rate! Finally!
Those with variable rate mortgages or lines of credit will see a slight increase in payments due to the hike. Approximately $11-$12 on every $100,000 borrowed.
The Bank of Canada hiked its key interest rate to 0.5 per cent in an effort to “take some steam” out of the economy and tamp down on surging inflation, but economists are warning that high prices will remain a regular part of life for months to come. The overnight rate target will rise 25 basis points, the central bank announced Wednesday, up from the floor of 0.25 per cent it held for much of the COVID-19 pandemic. It’s the central bank’s first rate hike since October 2018.
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