Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening.
Canada’s major chartered banks are currently advertising five-year fixed mortgage special interest rates of around 3.79%. Home buyers can often negotiate the interest rate for mortgage financing based on their creditworthiness and the degree to which they do other banking business with the mortgage lender.
Highlights from this in-depth article include:
- The Bank of Canada today increased its target for the overnight rate to 1%.
- Supply disruptions resulting from the Ukraine & Russia war are also exacerbating ongoing supply constraints and weighing on activity. These factors are the primary drivers of a substantial upward revision to the Bank’s outlook for inflation in Canada.
- CPI inflation in Canada is 5.7%, above the Bank’s forecast in its January Monetary Policy Report (MPR).
- And so much more!
To read the full in depth article click here.
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