“More pain” for variable-rate mortgage holders as the BoC hikes rates

The Bank of Canada's decision to hike interest rates again has caused alarm among holders of variable-rate mortgages, who are in for "more pain". Inflation is running between 3.5 and 4%, and the economy has added jobs and seen an uptick in CPI inflation in April, leading to a "hawkish" tone from the Bank. The next Bank of Canada rate decision will take place on July 12, 2023, and it is expected that banks and other financial institutions will follow suit and raise their prime lending rate, which is used to price variable-rate mortgages and other lines of credit, to 6.95%. This

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