At the start of the pandemic, the Bank of Canada drastically cut Canadian interest rates from 1.75% to 0.25% (March 2020). Today, the Bank hiked the rate by a quarter-point bringing the overnight target rate to 0.50%.
The Bank said today, “interest rates will need to rise further”.
For more details click here for an article prepared by
Steve Huebl on Canadian Mortgage Trends.
BANK OF CANADA OVERNIGHT RATE HISTORY
Interest rate trend charts from WOWA.ca