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Bank of Canada Raises Interest Rate by 0.25%

Bank of Canada (BOC) announced interest rate increase this morning by 0.25%.

That means the current mortgage prime rate of 3.45% will soon by 3.70% for most of the lenders.

For those of us who have variable rate mortgages, we should expect to receive a letter in early August from lenders to notify us of such changes. 

Bank of Canada Holds Interest Rate Steady

While the anticipations are for the interest rate to go up, Bank of Canada has taken a conservative approach and announced to maintain the overnight lending rate at 1.25%. 

The next interest announcement date is May 30th and we yet to find out whether the rate hike is going to happen.