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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


6 September 2017

Unexpected rate increase from the Bank of Canada

Today, the central bank decided to raise its key lending rate by 0.25% to 1%, marking the second hike in 2017. As you know, the Bank of Canada raised the overnight rate in July after seven years without increases.

The BoC’s key interest rate affects lending rates that consumers get from other banks on mortgages, lines of credits, savings accounts and other financial products.

According to the Finance Minister Bill Morneau, the central bank is "reacting to a number of very positive economic signs."

"Last year, Canada has seen the strongest economic growth in ten years, and the job growth has been outpacing our forecasts. These are very positive signs, and the Bank is saying that when such things happen, it can raise the rate a bit," - Morneau noted.

"It’s what we expect when the economy shows strong performance," – he said.

The loonie responded to the news by a one-cent increase, reaching 82 cents US and marking the highest level since June 2015.

Although economists and currency traders expected a rate increase this year, they had to shift their forecasts to an earlier date after a number of reports showing that the national economy is gaining momentum.

The BoC was quite careful with the issue of further rate increases in the nearest future, saying that monetary policy decisions can’t be predetermined, as they are based on the incoming economic data. Meanwhile, currency traders were less reserved and now they expect even more rate rises.

Karl Schamotta from Cambridge Global Payments noted: "Today, markets believe the central bank will outpace the U.S. in terms of raising rates and tighten policy twice more by the end of 2018."

Canadian borrowers with variable-rate mortgages and credit lines will face the hike’s influence right away. That translates into extra $12/m for every $100,000 of the mortgage starting next month. For those with balances on Home Equity Lines of Credit (HELOC) with a most typical rate of Prime+0.50% current increase means extra $21/m for every $100,000 borrowed.


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