April 26th, 2022 Mortgage Industry Update
The Bank of Canada announced on April 13th that its overnight lending rate will increase to 1.00% from 0.50%. The prime rate has increased to 3.20% from 2.70%. Canadian growth is strong and the economy is moving into excess demand. Labour markets are tight, and wage growth is back to its pre-pandemic pace. The Bank of Canada suggests that they will more than likely continue to raise interest rates over this year to tackle higher than anticipated inflation rates.
Additionally ...
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