Note: This post was updated on Jan. 17, 2018, to include Scotiabank.

BMO, CIBC, RBC, Scotiabank, TD and Desjardins today increased their prime lending rates by 25 basis points to 3.45% from 3.20%, effective January 18, 2018. The increased rate will affect the cost of variable-rate lending, including variable-rate mortgages.

The hike comes after the Bank of Canada raised its benchmark rate to 1.25%, on strong economic data.

Also read: 

UPDATED: Several banks hike five-year fixed mortgage rates

Rising rates have Canadians worried about paying bills

HomEquity’s reverse mortgage applications up 32.5% in 2017

Originally published on Advisor.ca
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