Bank Of Canada Prime Rate
Latest on prime interest rates:
The Bank of Canada is going to raise key interest rate by a quarter of a percentage point.
This was announced by Bank of Canada Governer, Stephen S. Poloz today.
The central bank’s target for the overnight rate now sits at 1.25 per cent, means 25 basis points higher.
This change is likely to prompt Canada’s banks to raise their prime lending rates.
What this means is, a move that will drive up the cost of variable-rate mortgages and other variable-interest rate loans.
Do you think this interest rate change will impact the real estate market with already stress test in place?