The Bank of Canada (BoC) just raised its overnight interest rates by 0.25%. This is the second time since July 6th that all of the variable interest rates are going up 0.25%. The last time we saw rates rise was on July 6th, when in the first time in 7 years the rates rose from 2.7% to 2.95. The change came into effect on August 1st. Now with the new announcement the rates have risen 0.25 again. It’s undecided what the banks will do yet but we will likely see is the bank's move to increase their variable rate products from 2.95 where to 3.2% likely to be effective October 1st.
Stay tuned for more information!