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Bank of Canada Announcement

July 13, 2022

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Bank of Canada Announcement | July 13

Danielle Hill

Danielle Hill is a licensed mortgage broker and team director managing the day-to-day operations for our Toronto, Barrie and British Columbia clientel...

Danielle Hill is a licensed mortgage broker and team director managing the day-to-day operations for our Toronto, Barrie and British Columbia clientel...

Sep 8 1 minutes read

The Bank of Canada met on July 13, 2022 and announced an increase of 1% to interest rates bringing Bank Prime to 4.7%. 

Bank of Canada Announcement 

The Bank of Canada met on July 13th, 2022 and announced a one percent increase to interest rates bringing Bank Prime to 4.7%. 

The Bank of Canada justifies the increase due to:

1. Inflation sitting around 8%

2. Global factors such as the war in Ukraine

3. Ongoing supply disruptions 

The next Bank of Canada Announcement is scheduled for September 7th, 2022. 


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