TORONTO - Canada's biggest
banks will hike their
prime rate by a quarter of a percentage point on Thursday, putting financial pressure on homeowners with variable
rate mortgages. The Royal Bank of Canada (TSX:RY) was first to announce its
prime rate will rise to 3.45 per cent, shortly after the Bank of Canada raised its key short-term
rate by a quarter-point to 1.25 per cent. RBC was followed by Bank of Montreal (TSX:BMO), CIBC (TSX:CM), Scotiabank ...
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