Bank of Canada (BoC) said on Wednesday it’s keeping its trend-setting interest rate on hold for now, but borrowing costs for many Canadians are likely headed up.On Wednesday, Canada’s central bank said it is holding its key interest rate at 0.25 per cent, where it has been since March of 2020.
But details of its policy announcement have analysts warning that interest rates are likely to climb higher sooner and faster than previously expected.
Bank of Canada signals rate hikes could come sooner than previously expected Those revised forecasts have implications for current and prospective borrowers, including homebuyers and current mortgage holders.“Barring another economic calamity, rates are going up.