Bank of Canada likely to raise prime rate Tuesday
According to a poll last week by Reuters, the Bank of Canada is likely to raise its overnight interest rate Tuesday by 0.25%. This will bring the Canada prime rate up to 0.75%.
Check back here tomorrow morning to get the latest interest rate increase news.
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The Bank of Canada has announced an increase of 0.25% in the Canada prime rate. The new interest rate is now 0.50%
This increase was widely anticipated and is the first interest rate increase in 3 years. Balancing growth and the possibility of inflation were two major factors to consider.
We’ ll follow up later today with any changes to mortgage rates from the TD, RBC and BMO.
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