Canadian banks raise prime rates after Bank of Canada hike — via financialpost RealEstate Mortgages Finance Banking
Toronto-Dominion Bank, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, Bank of Montreal and National Bank of Canada all had their prime lending rate at 4.70 per cent prior to the announcement.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Stephen Brown, senior Canada economist at Capital Economics, said major lenders matching the Bank’s policy rate by increases in their prime rates will mean an immediate jump in borrowing costs for many Canadians. He said the hike in interest payments is worth about 0.5 per cent of household income at a national level, but the costs are heavily skewed toward those with variable rate mortgages, as the increase will take a much larger share of their income.Article content
“This is likely to feed through to a reduction in household spending on goods and services and raises the downside risks to the economic outlook,” Brown said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian banks raise prime rates after Bank of Canada hikeRBC, TD Bank, CIBC, Scotiabank, BMO and National Bank raised their prime lending rates by 75 basis points to 5.45%. Find out more
Read more »
Canadian banks raise prime rates after Bank of Canada hikeRBC, TD Bank, CIBC, Scotiabank, BMO and National Bank raised their prime lending rates by 75 basis points to 5.45%. Find out more
Read more »
Canadian banks raise prime rates after Bank of Canada hikeRBC, TD Bank, CIBC, Scotiabank, BMO and National Bank raised their prime lending rates by 75 basis points to 5.45%. Find out more
Read more »
Rising Interest Rates Will Continue to Push Buyers to Sidelines: RBCWhile fall typically sees an uptick in sales activity, housing markets across Canada are continuing to cool off. RBC | realestate realestatenews housing
Read more »
Bank of Canada set to raise its interest rate for the fifth time since MarchThe Bank of Canada is expected to raise its overnight rate for the fifth time, amidst historically high inflation.
Read more »