Big banks raise rates

In step with a rate hike by the Bank of Canada, Canada’s big banks are raising their prime rates, which affect major loans like variable-rate mortgages.

Effective Oct. 25, BMO, CIBC, National Bank, RBC, Scotiabank, TD, Desjardins and HSBC have increased their prime rates by 25 basis points to 3.95% from 3.70%.

The BoC on Wednesday raised its key lending rate by 25 basis points to 1.75%, citing a strong economy.

Editorial note: This story was updated to include HSBC.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.