The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.
Adjustable-rate holders will see their payment increasing for approximately $15 per every $100,000 mortgaged.
The Bank of Canada is currently looking to hold the rate while they asses the impact of the multiple rate increases. The consensus is the bank has now reached or is reaching their “terminal rate.”
On a positive note, with the fixed rate, looking to decline in 2023 and the market showings signs close to our “bottom” buyers are becoming ready to now make a move.
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