As expected, the Bank of Canada increased its overnight rate on Wednesday to 1.75%. Canadian banks are responding by announcing increases to their Prime Lending Rate. The Bank Prime is now at 3.95%. For those in a Variable or Adjustable Rate Mortgage, your lender will be notifying you of when their increase will take effect.
There was a massive sell off in the capital markets last week. Business reports indicate that investors were getting nervous about recent stock market valuations in light of rising interest rates.