Big 5 banks increase prime rates after Bank of Canada’s interest rate hike

The Bank of Canada raised its key interest rate by a quarter of a point to 1.25% on Wednesday January 17, 2018.

Effective Wednesday January 17, 2018, the prime rate at the five banks will rise to 3.45 per cent from 3.20 per cent, matching the 0.25 percentage point increase to the Bank of Canada’s overnight rate.

A bank’s prime interest rate gets factored into a variety of loans, from variable-rate mortgages to lines of credit. Bank customers with loans based on the prime rate will see an immediate increase in their interest / mortgage payments.

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