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The Bank of Canada has raised its overnight rate to 5.00% today, July 12. This is a second consecutive quarter-point increase, so anyone carrying a variable-rate mortgage or arranging new financing should check the payment terms rather than relying on an older quote.
The Bank of Canada has raised its overnight rate to 4.75% today, June 7, ending the short pause at 4.50%. If your mortgage or purchase plan depends on a variable rate, it is time to check the actual lender numbers again.
The Bank of Canada has held its overnight rate at 4.50% today, April 12. That gives borrowers a pause after the recent increases, but it is not a promise that every mortgage quote will stay still or that the next move will be a cut.
Today, March 8, 2023, the Bank of Canada has held its target for the overnight rate at 4.50%.
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Today, January 25, 2023, the Bank of Canada has raised its target for the overnight rate to 4.50%.
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| Target overnight … |
The Bank of Canada raises to 4.25% on December 7, 2022. The 50-basis-point increase moves the announced target from 3.75%. Another increase, with a more conditional message about what follows. The new target takes effect on December 8, 2022.
The Bank of Canada raises to 3.75% on October 26, 2022. The 50-basis-point increase moves the announced target from 3.25%. The economy is slowing before inflation is fully contained. The new target takes effect on October 27, 2022.
The Bank of Canada raises to 3.25% on September 7, 2022. The 75-basis-point increase moves the announced target from 2.50%. Cheaper gasoline does not resolve underlying inflation. The new target takes effect on September 8, 2022.
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The Bank of Canada raises to 2.50% on July 13, 2022. The 100-basis-point increase moves the announced target from 1.50%. A full-point increase aims to get ahead of inflation. The new target takes effect on July 14, 2022.
The Bank of Canada raises to 1.50% on June 1, 2022. The 50-basis-point increase moves the announced target from 1.00%. Inflation is spreading beyond a few expensive essentials. The new target takes effect on June 2, 2022.