Jul 11, 2018
By Michael Kramer
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.