VICTORIA - The cost of borrowing money in Canada is higher today.
The Bank of Canada raised its key interest rate overnight - from a quarter point to half a point.
Investment Advisor Dunnery Best says now is still a good time to borrow money, and rates are still historically low. He says there's no need to panic.
The increase applies to variable rate loans, such as lines of credit, and variable mortgages. If you have a fixed rate mortgage, your payment stays the same.
This is the first interest rate increase in three years. Analysts predict more to come. The next Bank of Canada rate announcement is scheduled for July 20th.
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