Bank of Canada increases their overnight rate… Again!
The Bank of Canada has pushed rates up for the 3rd time since the summer in an attempt to curb inflation. Our economy is firing on all cylinders so, failing some form of economic shock such as failed NAFTA talks etc., this looks like the new normal. The “emergency” rates of the last decade and a half may be a thing of the past.
What does this mean for you?
If you have a variable rate mortgage, expect your payments to go up. And although fixed-rate mortgages are more tied to what’s happening in the bond market than to the central bank’s rate, it’s worth noting that Canada’s biggest lenders raised their posted rates for a five-year fixed-rate loan in recent days.
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