The Bank of Canada signalled it would put the interest rate hiking cycle on pause — at least for now. Find out more.
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“Anyone who currently has a variable-rate mortgage or home equity line of credit will see their rate increase by a quarter point, bringing the sum of their total rate increases in the last 12 months to 4.25 per cent,” Laird said in an email.tracks in the right direction. With this latest rate hike, more Canadians have reached their trigger rate, which means their existing mortgage payment is no longer covering their monthly interest.
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