Advertisement

Bank of Canada to announce today possible interest rate hike

Click to play video: 'Bank of Canada may raise interest rates: Who are the winners and losers?'
Bank of Canada may raise interest rates: Who are the winners and losers?
The head of Bank of Canada has dropped a number of hints over the past weeks that an interest rate hike is coming sooner rather than later – Jun 29, 2017

OTTAWA – The Bank of Canada is scheduled to announce its key interest rate target later today, and expectations are it will raise it for the first time in nearly seven years.

A majority of economists expect the central bank to raise the rate by a quarter of a percentage point to 0.75 per cent.

READ MORE: Bank of Canada expected to hike interest rate for 1st time in almost 7 years

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Such a move would increase the costs of variable rate 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 even as inflation has remained below the Bank of Canada’s target of two per cent.

Story continues below advertisement

INTEREST RATE HIKE: Most Canadians would struggle to pay just $130 more a month, survey shows

The central bank last raised its key interest rate target in September 2010.

Sponsored content

AdChoices