The first announcement by the Bank of Canada in 2023 saw a 1/4% increase to their rate, that will now pushed the prime lending rate and most lending institutions to 6.70%. This means the rate on a home owners variable rate mortgage and line of credit will be more expensive. Time will tell if this latest increase along with all the hikes last year will slow down the rate of inflation which was 6.3% in December compared to the target rate of 2.0%
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