With inflation in this country at a 39-year high there were signals this was coming – but today the Bank of Canada surprised most forecasters with the largest hike to its key interest rate in nearly 25 years. It’s gone up a full percentage point to 2.5 per cent and is the largest increase since August of 1998 and the fourth since March of this year. The change will have an immediate impact on all kinds of debt including variable rate mortgages. Anne Gaviola has more.
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