Bank of Canada raises interest rates for first time in 7 years
  
The Bank of Canada is hiking its key interest rate for the first time in seven years, joining the U.S. Federal Reserve in starting the process of undoing nearly a decade of easy money.
The bank raised its overnight lending rate to 0.75 per cent from 0.5 per cent Wednesday, citing “bolstered” confidence that the Canadian economy has finally turned the corner after years of sputtering growth
.https://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-interest-rate-decision/article35662991/
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Variable Rate Going Up .25% - What will happen to your payment?
*** #'s are based on 2.2% going to 2.45%
.25% Increase with a 30 Year Amortization Mortgage
$100,000 + $12/month
$250,000 + $30/month
$500,000 + $60/month
$750,000 + $90/month
$1,000,000 + $120/month
$1,500,000 + $180/month
$2,000,000 + $240/month
$3,000,000 + $360/month
.25% Increase with a 25 Year Amortization Mortgage
$100,000 + $13/month
$250,000 + $32/month
$500,000 + $65/month
$750,000 + $98/month
$1,000,000 + $130/month
$1,500,000 + $195/month
$2,000,000 + $260/month
$3,000,000 + $390/month
.25% Increase with a Line of Credit
$100,000 + $21/month
$250,000 + $52/month
$500,000 + $104/month
$750,000 + $156/month
$1,000,000 + $208/month
$1,500,000 + $312/month
$2,000,000 + $416/month
$3,000,000 + $624/month
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