BREAKING: Bank of Canada interest rate did not rise, maintains overnight rate target at 1%.
The Bank of Canada interest rates last went up on September 6th by 0.25%. All major Banks followed suit and increased their interest rates. Bank of Canada interest rates first went up for the first time in seven years on July 6th, 2017 from 2.70% to 2.95. The change came into effect on August 1st. Now with the new announcement rates will remain unchanged. It’s undecided what the banks will do yet but we will likely see is the bank will maintain their interest rates as well.