Bank-Canada
Big Six have now all raised mortgage rates as Bank-Canada decision looms
The “Big Six” Canadian banks have now all hiked mortgage rates ahead of a Bank-Canada policy announcement on Wednesday.
Bank of Montreal and National Bank-Canada became the latest to do so Tuesday, with both raising their posted five-year, fixed-rate mortgage rates to 5.14 per cent from 4.99 per cent, among other changes.
A BMO spokesperson said its rate changes “reflect the current competitive environment. Cost of funds and other market considerations.
”The moves followed rate hikes last week by Canadian Imperial Bank of Commerce, Royal Bank-Canada and Toronto-Dominion Bank.
Bank of Nova Scotia, meanwhile, lifted some rates effective Monday, including hiking its posted five-year fixed-rate mortgage rate to 5.14 per cent from 4.99 per cent.
The lender also boosted its one-year, two-year, three-year, four-year, seven-year, and 10-year fixed-rate mortgages by 20 basis points.
“Our number one focus is providing value for our customers, we manage our pricing very actively to do just that,” said Scotiabank spokesman Lukas Gerber on Monday in an email.
“We use a variety of market benchmarks to set rates.”
TD and CIBC join RBC in hiking mortgage rates ahead of decision next week
One in three Canadians say they are unable to cover monthly bills as rate hike looms Go ahead, jump on the Bank interest rate hike bandwagon .
There’s plenty of reason to, the Bank of Canada is set to make its next policy announcement on Wednesday.
With the potential for a hike to its key interest rate having risen in recent weeks thanks to strong economic data.
While the rate hikes by the Big Six will affect consumers, they may also have an influence on a key central bank statistic.
Which has become more relevant since new rules for uninsured mortgages came into effect at the start of January.
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