As expected, the Bank of Canada raised it’s Target lending rate to 0.50% from 0.25%. This prompted most Banks to raise their Bank Prime lending rate to 2.50% from 2.25%. But there is some uncertainty about when the next increase will take place as reported in The Star.…. and oh yes, the increases will happen.. not ‘if’, but ‘when’.
Economists have said repeatedly that the Bank of Canada must raise their rate to slow the economy and keep inflation in check… The Target inflation rate is 2.00%. Most Economists agree that they only need to raise this by 2.00% to 3.00% to have the desired effect. (See a full report)
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.