The Bank of Canada increased the overnight interest rate

Jesse Abrams - October 24, 2018, 4:42 pm

The Bank of Canada increased it's overnight interest rate this morning. Stephen Poloz announced that the interest rate will increase from 1.5% to 1.75%. This will directly affect Variable Rate Mortgages and potentially affect Fixed Rate Mortgages. That said, if you are a consumer looking to buy a home soon, now is the time to lock in a pre-approval. 

Below are some of the top articles to explain further:

Financial Post Bank of Canada inches closer to normal with rate hike — and signals more to come

CBC Bank of Canada raises interest rate to 1.75%

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