{"id":37213,"date":"2017-07-12T11:09:36","date_gmt":"2017-07-12T15:09:36","guid":{"rendered":"https:\/\/www.northeastmortgages.ca\/?p=37213\/"},"modified":"2017-07-12T11:09:36","modified_gmt":"2017-07-12T15:09:36","slug":"bank-canada-raises-key-lending-rate","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/","title":{"rendered":"Bank of Canada raises the key lending rate!"},"content":{"rendered":"<p>The Bank of Canada raises the key lending rate today. The rate went up from .50% to\u00a0.75% this increase is the first in the last seven years and it marks a change that will be coming to the Canadian lending market.<\/p>\n<p>The key lending rate or the Overnight rate is what financial institutions make day to day loans to each other. This upwards change can have negative effects on consumers that hold Variable rate mortgages as well as Lines of credit.<\/p>\n<p>Typically the banks charge a premium above the overnight rate currently\u00a02% for most financial institutions. In some cases, banks have been charging 2.2% above. The historical premium that the banks charged consumers above the overnight rate was 1%. Today&#8217;s\u00a0changes can impact the prime rate that the banks use but it could also mean that the banks will start to cut back on the premium they have been charging consumers.<\/p>\n<p>As consumers of mortgage products, it is important to understand the fundamental differences between fixed and variable rates. Many clients have contacted me in the last week with the news of the change wondering what\u00a0will happen when the rates go up. My advice is now and always has been, treat a mortgage with a more holistic approach rather than focus solely on interest\u00a0rates. Interest rate fluctuations are normal and consumers need to prepare themselves for eventual increases in the rates over the years to come. We have been sold a <a href=\"\/?p=35437\" target=\"_blank\" rel=\"noopener noreferrer\">lie by big banks<\/a> that rate is all that counts but proper planning is key to\u00a0owning a home and securing a mortgage.<\/p>\n<p>Stephen Poloz &amp; Senior Deputy Governor Carolyn Wilkins will be holding a media conference\u00a0today to discuss the decision. Today&#8217;s announcement\u00a0came with the latest Monetary Policy Report you can download a copy <a href=\"http:\/\/www.bankofcanada.ca\/wp-content\/uploads\/2017\/07\/mpr-2017-07-12.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">here\u00a0<\/a><\/p>\n<p>As always, I am available for comment or questions.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada raises the key lending rate today. The rate went up from .50% to\u00a0.75% this increase is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":36034,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"featured_image_urls":{"full":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey-150x150.jpg",150,150,true],"medium":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey-300x225.jpg",300,225,true],"medium_large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"1536x1536":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"2048x2048":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"post-thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey-150x113.jpg",150,113,true],"melissa-img-706-471":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"melissa-img-706-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false],"melissa-img-1200-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg",600,450,false]},"post_excerpt_stackable":"<p>The Bank of Canada raises the key lending rate today. The rate went up from .50% to\u00a0.75% this increase is the first in the last seven years and it marks a change that will be coming to the Canadian lending market. The key lending rate or the Overnight rate is what financial institutions make day to day loans to each other. This upwards change can have negative effects on consumers that hold Variable rate mortgages as well as Lines of credit. Typically the banks charge a premium above the overnight rate currently\u00a02% for most financial institutions. In some cases, banks&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/www.nordest.ca\/blogue\/en\/category\/interest-rate\/\" rel=\"category tag\">Interest Rate<\/a>","author_info":{"name":"Terry Kilakos","url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/hdgyye73sy\/"},"comments_num":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.6 (Yoast SEO v21.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank Of Canada Raises Key Lending Rate Today - How This Affects Your Mortgage<\/title>\n<meta name=\"description\" content=\"The Bank of Canada raises the key lending rate today. The rate went up from .50% to\u00a0.75% this increase is the first in the last seven years and it marks a change that will be coming to the Canadian lending market. Click here to find out how this rate increase will affect your mortgage application.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Canada raises the key lending rate!\" \/>\n<meta property=\"og:description\" content=\"The Bank of Canada raises the key lending rate today. The rate went up from .50% to\u00a0.75% this increase is the first in the last seven years and it marks a change that will be coming to the Canadian lending market. Click here to find out how this rate increase will affect your mortgage application.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog sur l&#039;immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NorthEastNordEst\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-12T15:09:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2015\/04\/nem-grey.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Terry Kilakos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:site\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Terry Kilakos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\"},\"author\":{\"name\":\"Terry Kilakos\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/4906244391456eadff10f8919b6fe474\"},\"headline\":\"Bank of Canada raises the key lending rate!\",\"datePublished\":\"2017-07-12T15:09:36+00:00\",\"dateModified\":\"2017-07-12T15:09:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\"},\"wordCount\":317,\"publisher\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\"},\"articleSection\":[\"Interest Rate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/en\/bank-canada-raises-key-lending-rate\/\",\"name\":\"Bank Of Canada Raises Key Lending Rate Today - How This Affects Your Mortgage\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#website\"},\"datePublished\":\"2017-07-12T15:09:36+00:00\",\"dateModified\":\"2017-07-12T15:09:36+00:00\",\"description\":\"The Bank of Canada raises the key lending rate today. 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