Bank of Canada increases overnight rate by 0.25%. Your variable rate mortgage and secured lines of credit will increase. Increased inflation is the theme of the announcement. Announcement ends with note on expected future interest rate increases.
“CPI inflation remains well above the Bank’s target range.
Price increases have become more pervasive, and measures of core inflation have all risen.
Inflation is now expected to be higher in the near term than projected.
Persistently elevated inflation is increasing the risk that longer-run inflation expectations could drift upwards. ”
Next announcement April 13.
Lenders still to confirm if they will match their prime rate with same increase. It is expected so, although there were a few times historically that it was not exact match. Your lender should be providing you with rate change notification.