THINK OUTSIDE THE BOX:  Banks and other financial institutions are expected to raise their prime rate in the coming days, which will increase rates for variable-rate mortgage holders.

The Bank of Canada has raised its overnight target rate by 100 basis points, bringing it to 2.50%.

This is the Bank’s largest rate hike since 1998.

In its statement accompanying the decision, the Bank said, “With the economy clearly in excess demand, inflation high and broadening, and more businesses and consumers expecting high inflation to persist for longer, the Governing Council decided to front-load the path to higher interest rates..."

The Bank added that interest rates “will need to rise further.”  Read Full Statement Here