Bank of Canada Increase’s Rates

On Wednesday October 24th the Bank of Canada increased it’s benchmark interest rate to 1.75%.  This will affect those who have variable mortgages as most lenders have increased their prime rate by 0.25%.   This is the 5th time since the summer of 2017 that the bank has increased the benchmark rate.  That’s the most increases we’ve seen since December 2008, almost a decade.

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