The Bank of Canada announced today that it is raising the overnight rate .25 per cent given a strong economy and despite the uncertainty surrounding NAFTA. The Bank noted that the Canadian and global economies continue to strengthen, but that NAFTA is a definite concern so they will be cautious about any future rate hikes. The next rate-setting day is Wednesday, March 7.
Homeowners with variable-rate mortgages will see their rate increase along with a possible modest payment increase. Lines of credit will be similarly affected.