I ran a search and couldn't seem to find a thread specific to this subject, but feel like it's important to the vast majority of our finances (variable rate loans).
On June 1, the BOC increased it's benchmark interest rate by 50 basis points to 1.5%, and signaled more increases are on the way.
https://www.cbc.ca/news/business/ban...sion-1.6473469
"...While the cost of living is already at its highest rate in 30 years, the central bank says it doesn't think things have peaked just yet, saying in a statement on Wednesday that inflation "will likely move even higher in the near term before beginning to ease."
...The hike brings the bank's rate within a quarter of a point of the 1.75 per cent level it was at before the pandemic, and the bank made it clear in its statement that several more rate increases are planned.
"With inflation persisting well above target and expected to move higher in the near term, the [bank] continues to judge that interest rates will need to rise further," the central bank said in a statement."
For reference on where today's 1.50% benchmark puts us, here are the last 10yrs:
Dec 2014 = 1.25%
Jan 2015 = 1.00%
Jul 2015 = .75%
Jul 2017 = 1.00%
Sept 2017 = 1.25%
Jan 2018 = 1.50%
Jul 2018 = 1.75%
Oct 2018 = 2.00%
Mar 2020 = .50%
Apr 2022 = 1.00%
Jun 2022 = 1.50%
Jul 2022 = 2.50%
Sept 2022 = 3.25%
Oct 2022 =3.75%
Dec 2022 = 4.25%
Jan 25 2023 = 4.50%
Mar 8 2023 = 4.50%
Apr 12 2023 = 4.50%
Jun 7 2023 = 4.75%
Jul 12 2023 = 5.00%
Sept 6 2023 = 5.00%
Oct 25 2023 = 5.00%
Dec 6 2023 = 5.00%
Jan 24 2024 = 5.00%
Mar 6 2024 = 5.00%
Apr 10 2024 = 5.00%
Jun 5 2024 = ?
Jul 24 2024 = ?
Sept 4 2024 = ?
Oct 23 2024 = ?
Dec 11 2024 = ?