SOME FINANCING COSTS GOING UP AFTER RATE HIKE FROM BANK OF CANADA

Some variable rate mortgages and lines of credit costs are going up – after the Bank of Canada increased its overnight lending rate to financial institutions.

Royal Bank, T-D, B-MO and Scotiabank have all said they’ll be increasing  their prime rates by a quarter of a percentage point – to 3.7 per cent – effective Thursday.

This follows the Bank of Canada hiking its benchmark interest rate – for the fourth time in the past 12 months.

The central bank boosted the rate to 1.5 per cent from 1.25 per cent – despite deepening trade tensions with the U-S.

Michael Kramer

About Michael Kramer

Michael is the afternoon news anchor on the New Classical 96.3FM and hosts the program Zero to 1800.