Wednesday, January 25, 2023

January 2023 Rate Increase by The Bank of Canada



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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This blog is designed to provide those people planning on buying a home, renewing a mortgage or refinancing their home with information that is valuable and relevant. Feel free to suggest any ideas for future videos and articles by sending an email to john@canadianmortgagefinders.com