What the Latest Interest Rate Hike Means for Your Mortgage

The BoC raised its key interest rate by a 25 bps to 5%, the highest since 2001.
The prime rate also ↑ to 7.2%, impacting borrowers across Canada.
For a couple in St John's with a $245K variable-rate mortgage, their monthly payment ↑ $624 since March 2022.

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