Bank of Canada hikes interest rate for first time in seven years

Bank of Canada Governor Stephen Poloz arrives at a press conference at the National Press Theatre in Ottawa on Wednesday, June 8, 2017. (Sean Kilpatrick/The Canadian Press)

By The Canadian Press, July 12, 2017 

OTTAWA — The Bank of Canada has hiked its benchmark interest rate to 0.75 per cent from 0.5 per cent, its first increase in nearly seven years, amid expectations of stronger economic growth this year.

Such a move is bound to increase the costs of mortgages, home equity lines of credit and other loans linked to the big bank prime rates.

The announcement comes following a series of data suggesting the economy started the year on a strong footing.

Read full article here….