Edmonton Mortgage Blog

Your Edmonton Mortgage Broker: Natalie Wellings

Another increase by the BoC

June 8, 2023 | Posted by: Natalie Wellings

Yesterday, the Bank of Canada made its fourth policy decision of 2023. Much to the disappointment of many Canadians, it increased the prime rate by 0.25%.

This rate hike will affect you if you have a variable rate mortgage or a home equity line of credit. Here is a good breakdown, from TD economics, on why the BoC felt the increase was warranted.

With June's announcement now behind us, a new round of speculation will begin in advance of the Bank’s next rate announcement on July 12th. It's too early to predict what they will do but it will largely depend on the inflation data that is released on June 27th (CPI).

Here are the remaining interest rate announcements for 2023:

July 12th, 2023
September 6th, 2023
October 25th, 2023
December 6th, 2023

I will keep a close watch on the market in the meantime!

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