Interest Rate Increases (July 2023)
Interest rates are now 20 times what they were in January 2022. That seems excessive!
The first time a .025% increase was introduced that effectively doubled the rates, but now a 0.25% increase only amounts to a 5% increase in the rates
Bank of Canada Rates
These are the rates as of 12 July 2023:
| Date July 12, 2023* | Target (%) 5.00 | Change (%) +0.25 |
| June 7, 2023 | 4.75 | +0.25 |
| April 12, 2023 | 4.50 | — |
| March 8, 2023 | 4.50 | — |
| January 25, 2023 | 4.50 | +0.25 |
| December 7, 2022 | 4.25 | +0.50 |
| October 26, 2022 | 3.75 | +0.50 |
| September 7, 2022 | 3.25 | +0.75 |
| July 13, 2022 | 2.50 | +1.00 |
| June 1, 2022 | 1.50 | +0.50 |
| April 13, 2022 | 1.00 | +0.50 |
| March 2, 2022 | 0.50 | +0.25 |
| January 26, 2022 | 0.25 | — |
| December 8, 2021 | 0.25 | — |
*As of 2021, a change takes effect the day after its announcement.
Brian Madigan LL.B., Broker