The Bank of Canada is raising its benchmark interest rate by a quarter of a percentage point to 0.75 per cent — its first increase in nearly seven years. The last time it increased the target rate was in September 2010.
The increase will not affect you if you have a Fixed mortgage. Variable mortgages will go up slightly but the real pinch will be felt in HELOCs (Home Equity Lines of Credit) and Lines of Credits which most home owners have been using as personal ATMs and have not been paying them down.
Lake Okanagan Realty Ltd.