The Bank of Canada has raised it’s key lending rate .25% as projected. This is the 3rd increase as it has moved its benchmark rate from the once record lows last summer. Bank prime will follow to 3.45% (TD has a higher prime presently) The impact for borrowers is approx $13 per 100k in mortgage amount. If you have a mortgage rate of prme minus.50 this means your new rate will likely be 2.95%.
Here is the full release from this morning and an article to note: