According to ctvnews:
Another interest rate hike from the Bank of Canada means some Canadians could be spending a lot more on their monthly mortgage bills.
“The most immediate impact will be for variable rate mortgage holders,” James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender, told CTVNews.ca by phone Tuesday.
“It’s certain that when the Bank of Canada makes this announcement, the various mortgage lenders in the country—banks, credit unions, trust companies—will change their prime lending rate by the same amount.”
Analysts widely predicted that interest rates would be raised Wednesday by three-quarters to 3.25 percent. Aimed at fighting inflation, the increase follows an entire percentage point hike in July, Canada’s most significant single rate increase since August 1998. The Bank of Canada began hiking interest rates in March after they fell to 0.25 percent during the COVID-19 pandemic.
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