You may feel like rate hikes have been happening for a while now, but they only started increasing on March 2 this year. With so many rate hikes in a short period, many of us want to hit the pause button to get our breath back. Since March 1, the central bank has raised its […]
You may feel like rate hikes have been happening for a while now, but they only started increasing on March 2 this year. With so many rate hikes in a short period, many of us want to hit the pause button to get our breath back.
Since March 1, the central bank has raised its benchmark rate by 3.0%. After today, lender prime rates will (presumably) rise to 5.45% from 4.70%.
Will the BoC hold now?
Hopefully. Maybe. 🤞. I understand that inflation is a problem, and I also feel that how quickly rates lowered at the start of the pandemic and how quickly they are rising now is not a manageable path for most homeowners. Let’s hope the BoC hits the pause button to allow us to take a breath and get back on track.
As always, we are here to help if you have any questions!
Best regards,
Matt Parker
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Next Bank of Canada Announcement: October 26, 2022
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