The central bank increased its key rate by a quarter of a percentage point to 0.5 per cent in a bid to help fight inflation which has risen to its highest level since 1991.
The increase is expected to prompt the country's big banks to raise their prime lending rates, a move that will increase the cost of loans such as variable-rate mortgages that are linked to the benchmark.
So this is maybe not good for many people, but I know of a way to make it a bit better for you… If you want to know more just ask me… passiveincome
This will be short lived. Maybe 1 month before they drop it back.
Z U
Good luck to anyone in over their head in mortgage payments that didn’t sign a fixed rate
Here's how the rate increase will affect different types of loans:
Not enough to cool the housing market but it’s something.
No surprise here
Y’all gonna loose your 1.3 million dollar houses that are worth 500k at best.
🦅
...so I guess inflation wasn't transitory!
Keep voting Liberal peeps 👍
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of Canada hikes interest rate to 0.5% | CBC NewsBank of Canada hikes interest rates by 0.25% to 0.5%. Marks first increase since October 2018, and the first change since the pandemic began in March 2020, when the Bank slashed rates from 1.75%. Bank says in near term, inflation expected to stay elevated. About a year late. Thread on depreciating currencies
Source: CBCAlerts - 🏆 37. / 63 Read more »
GDP grew faster than expected in fourth quarter, ensuring Bank of Canada interest rate hikeKevin Carmichael: Economy grew at an annual rate of 6.7 per cent in the fourth quarter, much faster than the Bank of Canada was expecting WilsonES13 financialpost Yo PierrePoilievre
Source: VancouverSun - 🏆 49. / 61 Read more »
Posthaste: What happened to the housing market the last time the Bank of Canada hiked ratesWhat happened to the housing market the last time the Bank of Canada hiked rates — via financialpost Canada housingmarket BankofCanada mortgage
Source: nationalpost - 🏆 10. / 80 Read more »
Canadian economy grew through Omicron wave, boosting chance of Bank of Canada rate hike WednesdayDespite another round of health restrictions, preliminary estimates show GDP grew by 0.2 per cent month-over-month in January, Statscan says
Source: globeandmail - 🏆 5. / 92 Read more »
Posthaste: What happened to the housing market the last time the Bank of Canada hiked ratesWhat happened to the housing market the last time the Bank of Canada hiked rates — via financialpost Canada housingmarket BankofCanada mortgage financialpost
Source: VancouverSun - 🏆 49. / 61 Read more »
Bank of Canada readies interest rate announcementThe Bank of Canada is poised this morning to raise its trendsetting interest rate after signalling the move a few weeks ago when it said it would no longer promise to keep the rate at emergency levels.
Source: CP24 - 🏆 30. / 67 Read more »