Eight times a year, the Bank of Canada makes interest rate announcements which impact not only the rate you pay when you’re buying, renewing or refinancing a home, but also the rate you will pay for all revolving credit – ie. lines of credit, student lines of credit, etc. Interest on any credit vehicle based on the Prime rate could be affected by these announcements, and so could your payments.
Add these dates to your calendar to ensure you stay abreast of the trends, increases and decreases to know if you’re going to be affected.
The 2018 Bank of Canada Interest Rate Announcement Dates are:
For more information, or to review the actual announcements, visit the Bank of Canada website.
As a bonus, in today’s annnouncement, Bank of Canada maintains overnight rate target at 1%, so no more Prime increases for 2017!
Merry Christmas to everyone!