January 26 2023
As of January 25, 2023, the Bank of Canada (BoC) raised its key interest rate by 25 basis points to 4.50%. This marks the eighth consecutive hike and could potentially be the final one for the next little while. Read the latest news to learn more about this rate increase and what it could mean for the housing market moving forward.
As of January 25, the Bank of Canada announced its decision to increase its target for the overnight rate to 4.50%, with the bank rate at 4.75% and the deposit rate at 4.50%.
The BoC raised its policy rate to 4.50% – the highest it’s been since 2007. It was also mentioned that this could be the peak for the current tightening cycle as inflation is expected to decline in the months to come.
In an effort to tackle inflation, the BoC increased its benchmark interest rate by 25 basis points. Recognized as a modest increase compared to the past, this is seen as a sign that the bank may be done with hiking rates for the next little while.
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