Bank of Canada raises interest rate to 5.0%

(July 12, 2023 )

July 12, 2023

The Bank of Canada raised the interest rate by 25 basis points to 5.0% today, its highest level in 22 years, with inflation remaining a concern.

For homeowners renewing their mortgages, or those with existing variable-rate loans, raising the interest rate increases the cost of borrowing for Canadians. The Bank of Canada is not ruling out further interest rate hikes in the future to further cool inflation to its goal of 2%, currently sitting at 3.4%, down from 8.1% in June 2022.

How are you feeling about the latest interest rate increase? Call today for any questions you may have... 604-309-5453 or email: