Bank of Canada Raises Overnight Rate 0.50%
As we were expecting, the Bank of Canada has increased the overnight policy rate another 0.50% in efforts to combat inflation.
✨The prime rate is now 6.45%✨
This is the seventh consecutive rate hike this year.
Economist suggest we may be at the peak or at least near the peak, in which aren’t ruling out another small potential rate hike in 2023 before plateauing for the better part of next year. (In a nutshell here)
So with that in mind - it’s a great time to reassess your monthly budget and ensure that you are still on track to attain both your real estate and financial goals.
Reach out anytime - I’m happy to help you navigate these changes 😊