Bank of Canada Increases Policy Interest Rate

The Bank of Canada today announced a full 1% rate increase to their target rate. It was anticipated to increase by 0.75%. 

But it’s not all doom and gloom; if your mortgage rate is fixed, your payments stay the same. 

And, if you are on a variable rate, yes your payments will increase but chances are your rate is still lower than the current fixed rates so you are saving money there still.

The government continues to try to curb inflation, which at the end of the day will help most of us if it is done correctly.