Bank of Canada Rate Increase

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 28 Oct

   - Canada's annual inflation rate rose to 3.1 per cent in September, largely driven by surging energy prices due to the war in the Middle East.

   2 outlets · CBC
2. 29 Oct

   On a $500,000 mortgage, a rate hike of 25 basis points would add about $70 per month on average to a holder's monthly payments.

   2 outlets · CBC

Coverage 7 articles

• 31 Oct Why this week's Bank of Canada rate increase is so unsettlingThe Bank of Canada recently raised interest rates for the first time in over three years, increasing them to 2.5%. This move has caused concern among various sectors, including homeowners with variable-rate mortgages and small business owners worried about higher borrowing costs. The article highlights fears that additional rate hikes could exacerbate challenges in an economy already strained by trade tensions.Toronto Star
• 29 Oct How the latest interest rate hike could affect everyday CanadiansThe Bank of Canada increased its benchmark interest rate for the first time in over three years on Wednesday as part of efforts to address inflation, which rose to 3.1% in September and is expected to reach 3.5% by year-end. Lara Stilin from Your Neighbourhood Credit Union explains that a $200,000 variable-rate mortgage will incur an additional $500 annually due to this hike. While the impact might seem small…Global News
• 29 Oct Higher mortgage costs set to depress already ‘bleak’ housing marketThe Bank of Canada raised its policy interest rate by a quarter percentage point to 2.5%, leading major banks in Canada to increase their prime rates to 4.70%. This hike primarily affects variable rate mortgage holders, with Toronto broker Marcus Tzaferis estimating that a $500,000 mortgage will see an additional $70 per month in payments due to the interest rate rise. Governor Tiff Macklem indicated further hikes…CBC
• 28 Oct Rate hike adds another hurdle to Toronto's sluggish housing market
  Toronto Star
• 28 Oct Bank of Canada raises interest rates for the first time in three yearsThe Bank of Canada raised its key interest rate to 2.5 percent on Wednesday, marking the first increase since July 2023, amid warnings that further hikes may be necessary to control inflation driven by high energy costs. The bank also revised its inflation forecast for 2027 up to 3.1 percent from a previous estimate of 2 percent. Governor Tiff Macklem emphasized that with economic resilience and higher-than-expected…Al Jazeera
• 28 Oct Bank of Canada expected to hike interest rate 25 points as inflation ticks upwardThe Bank of Canada is expected to announce a quarter-percentage-point increase in interest rates today, raising them from 2.25% to 2.5%. This move comes as Canada's annual inflation rate rose to 3.1% in September, driven by energy prices amid the war in the Middle East. Governor Tiff Macklem faces challenges balancing rising inflation pressures with concerns over a weakening labour market and sluggish economic…CBC
• 28 Oct Bank of Canada interest rate announcement nears as economists expect a hikeThe Bank of Canada is set to announce its interest rate decision on Wednesday, with economists predicting a quarter-point increase to 2.5% after it has been at 2.25% since October 2025. This would be the first hike in three years amid rising oil and gas prices due to geopolitical tensions like the conflict in Iran, which is expected to drive up inflation across various sectors. The central bank will also release new…Global News

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