Will bank of Canada hike interest rates again?

Bank of Canada hikes rates again. Is this the peak? The Bank of Canada has raised its benchmark interest rate by another 25 basis points, bringing it to levels not seen since 2001 amid fears the decline in inflation “could stall.”

What is Canada's key interest rate?

The central bank’s key interest rate now stands at 5.0 per cent following back-to-back increases. Many economists, including Canada’s big six banks, had expected the move amid signs of resilience in the Canadian economy and fears that annual inflation would not fall all the way back to the central bank’s target of two per cent.

How much did Canada's Mortgage rate hikes add to the monthly payment?

The rate hikes already announced have added more than $1,000 to the monthly payment on a $500,000 mortgage — and that's before Wednesday's increase. Within hours of the central bank's decision, Canada's big banks all moved to match the bank's hike, raising their prime lending rates to 6.95 per cent.

How many times has Canada's Central Bank raised its rate?

Canada's central bank has raised its rate seven times this year in its fight to wrestle inflation into submission. In the process, the bank has taken its rate from functionally zero to its highest point since 2008 — its fastest pace of rate hikes since inflation targeting began in the 1990s.