bank of canada rate hikes Archives - Mortgage Rates & Mortgage Broker News in Canada

Bank of Canada feared costs of postponing July rate hike

July 26, 2023 1 Comment

The Bank of Canada’s Governing Council members opted for a 10th rate hike in July over concerns that waiting until September carried its own risks.

Has the Bank of Canada gone too far with its rate hikes? CIBC’s Tal thinks so.

July 24, 2023 No Comments

CIBC’s Benjamin Tal says that the Bank of Canada has chosen to err on the side of too many hikes rather than too few for one simple reason: its bias towards fighting inflation.

“Extremely resilient” variable-rate borrowers face latest test as prime rate rises to 7.20%

July 17, 2023 No Comments

Variable-rate mortgage borrowers, who have already seen their interest costs rise by more than 70% over the past year, were hit with yet another hike last week as prime rate reached a 22-year high of 7.20%.

Bank of Canada delivers 10th rate hike, markets not convinced this will be the last

July 12, 2023 No Comments

As was widely expected, the Bank of Canada today delivered another quarter-point rate hike today, bringing its benchmark rate to a 22-year high of 5%.

Bank of Canada benchmark rate expected to reach a 22-year high of 5% this week

July 10, 2023 1 Comment

The Bank of Canada is widely expected to deliver a second consecutive quarter-point rate hike this Wednesday, which would bring its benchmark lending rate to a 22-year high of 5%.

Housing affordability eased slightly in Q1, but “incredibly challenging” conditions persist: RBC

July 4, 2023 No Comments

The Bank of Canada’s temporary rate pause in the first half of the year helped ease affordability in the first quarter, but only nominally.

Variable-rate borrowers brace for higher mortgage payments as prime rate reaches 22-year high

June 9, 2023 No Comments

Variable-rate borrowers will see their interest cost on their next mortgage payment rise as banks and other financial institutions have lifted their prime rates to a 22-year high of 6.95%.

Bank Of Canada Deputy Governor Paul Beaudry

Risk of “sticky” inflation and high household spending led to rate-hike decision: BoC

June 8, 2023 No Comments

Economic data since April “tipped the balance” of evidence that additional monetary policy tightening was needed.

“More pain” for variable-rate mortgage holders as the BoC hikes rates

June 7, 2023 No Comments

Variable-rate mortgage holders are in for “more pain” following the Bank of Canada’s half-expected decision to hike interest rates again.

There’s a chance of a BoC rate hike this week: economists

June 5, 2023 No Comments

The odds of the Bank of Canada hiking rates at this week’s monetary policy meeting vs. another hold are basically down to a coin toss, economists say.

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