The Bank of Canada raised its overnight rate by 0.50 points on October.26th, 2022.
What does this mean?
It means the rate at which the Bank of Canada borrows money from the government has increased; therefore, the rate at which YOU can borrow money has increased as well.
The new prime rate sits at 5.95%.
I am on a fixed-rate mortgage. Should I be concerned?
No. This rate increase will NOT...