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 ...
01-18-2018, 12:21 PM
Big Canadian banks raise prime lending rate
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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