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Posted On Dec 07, 2022

At 10am this morning (Dec 7, 2022), the Bank of Canada raised its overnight target rate by 50 basis points, bringing it to 4.25%. This mean banks and other financial institutions are expected to raise their Prime Rate in the coming days to 6.45%, which will increase rates and payments for variable-rate mortgage and line of credit holders.
 
This is the Bank’s seventh consecutive rate hike and was expected by markets.
 
Looking ahead, the Bank said it “will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target."
 
Click Here for the full BoC report.
 

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