It is not clear when the interest rate will decrease but the BoC expects that it will not see any additional rises in the immediate future. That said, they are still prepared to increase rates if necessary to combat inflation which will further restrict spending ability....
This is the country's second consecutive interest rate hike in 2022, following an increase of 25 basis points in March, breaking a period of steady rates held at historic lows during the COVID-19 pandemic. The central bank said in a press release that it is also ending reinvestment and wi...
When the BoC raises the overnight rate, almost all lenders will pass on this rate hike to borrowers. This increase will impact all variable-rate loans, including mortgages, lines of credit, payday or short-term loans and interest earned on savings accounts. For instance, if the BoC raises t...
The Bank of Canada (BoC) announced its fifth interest rate increase of the year, raising rates by another 75 basis points. This follows its July The Bank of Canada announced its fifth interest rate increase of the year, raising rates by 75 basis points.
OTTAWA — The Bank of Canada raised its key interest rate target by a quarter of a percentage point to 4.75 per cent on Wednesday, the first raise since it announced a pause in January.
The move Wednesday is the fifth consecutive interest rate increase this year, pushing the bank’s key rate above the what it calls the "neutral range" between two and three per cent. If the rate increases lead to a recession, Caranci said the central bank may he...
With Canada's annual inflation rate slowing more than expected in September to 1.6% (the smallest annual increase in consumer prices since February 2021), the writing for further cuts was seemingly painted across the wall. However, the BoC has historically been hesitant to adjust rates m...
Canadians saw seven interest rate hikes in 2022. In January 2023, another increase followed, bringing the key rate to 4.5 per cent. The Bank held its key rate at 4.5 per cent—precisely as experts predicted—until June 7, when it was raised to 4.75 per cent. On July 12, the BoC rais...
At the same time, however, low interest rates may lead you to take on more debt than you can afford. Such a situation can be especially problematic if interest rates increase while you’re still paying off the debt. To help ensure you get the best rates as a borrower, stay on top ...
Interest rate hikes in Canada can affect mortgage rates, borrowing cost, and more. To understand Bank of Canada’s rising rates, read this guide by MoneyTalk.