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NEWS: BANK OF CANADA OCTOBER 2022 RATE HIKE — HERE’S WHAT IT MEANS FOR YOU

Author: 
Toronto Realty Boutique
Publication date:
November 30, 2022
Article Summary: 

The Bank of Canada announced a 0.25% increase in its benchmark interest rate to 1.75% in October 2022. The move is aimed at combating rising inflation in the country. The increase in the interest rate is likely to affect mortgage rates, which could result in higher borrowing costs for Canadians. However, the rate hike could also stabilize the housing market and slow down the growth of housing prices. Overall, the rate hike is a sign that the economy is performing well, but it could have an impact on homeowners and potential homebuyers.

Keywords: 

Bank of Canada, interest rate, benchmark interest rate, inflation, mortgage rates, borrowing costs, housing market, housing prices, economy, homeowners, homebuyers.

Source Citation: 
Toronto Realty Boutique
NEWS: BANK OF CANADA OCTOBER 2022 RATE HIKE — HERE’S WHAT IT MEANS FOR YOU
November 30, 2022
https://torontorealtyboutique.com/news-bank-of-canada-october-2022-rate-hike/
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