The Bank of Canada has raised its overnight rate by 25 basis points to 4.5 per cent, marking its first rate hike this year. The last time the bank’s policy rate was this high was in 2007.
If economic developments unfold as expected, Governing Council expects to keep the policy rate at its current level while it assesses the impact of the cumulative interest rate increases. Currently, the Canadian economic growth has been stronger than expected and there is still more demand than there is supply. Governing Council is prepared to raise the policy rate further if needed to return inflation to the 2% target, and remains committed to restoring price stability for Canadians. The next policy rate announcement is expected on March 8th, 2023. Fixed Rates are now lower than Variable interest rates. Banks are NOT offering the best rates to lock in at right now, as they don’t have the same options that we do! Don't get lock in remorse!
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