The country's Big Five banks say they will raise their prime rate by 100 basis points, from 3.70 per cent to 4.70 per cent From alicjawithaj
) – all announced increases to their prime rates that go into effect on Thursday. Each bank says it will raise its prime rate by 100 basis points, from 3.70 per cent to 4.70 per cent.
Those with variable-rate mortgages or a home equity line of credit will see an increase to monthly payments as a result of the central bank's latest hike.'s mortgage calculator, the monthly mortgage payment for an average priced home of $711,000 based on a typical five-year variable rate of 2.5 per cent would be $2,955.
The Bank of Canada raised its benchmark rate by 100 basis points on Wednesday, a surprise move that exceeded economist expectations, as the central bank attempts to set a firehose against scorching inflation.
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