Bank Of Canada Increases Overnight Lending Rate

The BOC increased the overnight lending rate by a 1/4% to .75%. You can expect Bank Prime to follow and go to 2.75% which will have everyone with a variable rate mortgage or line of credit paying more. The BOC made some comments suggesting that they expect the economy to slow which will slow the rate at which they inrease the rate further. September 8th is the next meeting so uless there is some really strong indicators for July and August it is unlikely they will need to raise rates in September. Talk to me Paul Mangion, a Toronto Mortgage Broker or click to read the press release. 416-204-0156