On October 26, 2022, the Bank of Canada (BoC) increased its key interest rate by 50 bps to 3.75% – which was below the market's expectation of 75 bps. This marks the sixth consecutive rate hike since in an eight-month period. The BoC expressed that monetary policy tightening will continue, so if you are looking to buy or refinance, it’s probably a good time to lock in a rate.
Read the latest news to learn more about this rate increase.
Bank of Canada raises its policy interest rate by 50 basis points, continues quantitative tightening
The Bank of Canada raised interest rates from 3.25% to 3.75% for the sixth time this year as inflation and rising cost of living persists globally. Quantitative tightening will continue around the world until economies slow, supply chains disruptions ease, and ultimately inflation comes down.
How to increase your affordability in the face of rising rates and high inflation
Our co-founder and CEO Jesse Abrams discusses how home buyers and home owners can navigate the current market environment and ways they can boost their affordability in the face of rising rates and cost of living.
