HomeSellers, HomeBuyers & Investors: Bank of Canada Announces 1% Rate Hike!

Wednesday, November 1, 2023   /   by Matthew Daniel Tamburello

HomeSellers, HomeBuyers & Investors: Bank of Canada Announces 1% Rate Hike!

Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com

Many pundits expected the Bank of Canada to increase their interest rates in the general announcement. However, the nation’s central bank stunned the entire financial world by announcing a supersized increase of 100 basis points or 1% on its interest rates, bringing the total increase to 2.5%.

This has been the bank’s biggest increase since 1998 and it was the fourth spike in a planned four-step action strategy to help reduce soaring inflation. The Bank of Canada has an inflation rate target of 2%, and current projections place that value closer to 8% at least until the end of the summer.

It’s important to note that the Bank of Canada announces overnight rate changes eight times per year. The schedule looks like this.

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Matthew Daniel Tamburello
Team Leader & Broker
Right at Home Realty, Brokerage

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