Below is an article written by James Harrison at Mortgages.ca. Their information will be left below
As you have all heard in the media, the prime rate has gone up by 0.50% (as of April 13th), the biggest single-day increase in over 22 years.
Why?
Unfortunately, the War in Ukraine has accelerated inflationary impacts, so the government has been forced to increase the prime rate sooner than expected or anticipated.