Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
The Bank of Canada raised its key lending rate by a quarter percentage point to 1.25 per cent Wednesday, the third time it has moved its benchmark rate from once-record lows last summer.
The bank’s rate has an impact on rates that Canadians get from retail banks for things like mortgages, savings accounts and GICs. The move means borrowers can expect to pay more, but savers can expect to earn more, too.
Bank of Canada governor Stephen Poloz and deputy governor Carolyn Wilkins expanded on the bank’s line of thinking at a news conference to discuss the accompanying Monetary Policy Report later on Thursday morning.