The BOC increased the target for the overnight rate to 3.25% with continuing its policy of quantitative tightening. The banks, nonbanks, credit unions & private lenders – will all adjust their prime lending rates to follow the announcement in the days ahead. Lenders will adjust their prime rates respectively to 5.45% from 4.70%. *May differ
As we have all been waiting for the latest announcement by the Bank of Canada – which took place this morning. They went in aggressively deciding to rise the BOC (Bank of Canada) overnight lending rate by an additional 100bps or 1%. This rate is utilized by the banks to determine the rate to which
Something of interest for you today: Interest rates. With a combination of rising COVID cases & the fourth wave, normalization and steadying in the real estate sector & a 0.4% reduction in the economy in July Nationally and the GDP shrinking 1.1% in the second quarter on an annualized basis. In its statement, the Bank