Prime rate increase by major banks to 3.45%, in relation to the recent key interest rate increase. The Bank of Canada raised the policy interest rate a quarter of a per cent on Wednesday. The third key rate increase in under a year, after a lengthy record low. A move by the national bank in light of a growing and healthy Canadian economy. The key rate, policy interest rate, is determined by the Bank of Canada.
The Bank of Canada raised its key interest rate today by a quarter of a per cent. BoC increased the rate to 1.25% from 1.00%. This is the third key interest rate increase in under a year.
Canadian real estate ended 2017 strong as buyers rushed to beat the New Year’s coming mortgage rules. New mortgage rules were announced in the fourth quarter of 2017 in October.
The Bank of Canada (BoC) will likely raise interest rates next Wednesday. This would be BoC’s third interest rate hike in less than a year.
New mortgage rules hit the Canadian market on New Year’s day. The Office of the Superintendent of Financial Institutions (OFSI) implemented the new rules, which were detailed in an official report in Fall 2017.
