The Bank of Canada raised its benchmark rate by 100 basis points on Wednesday, a surprise move that exceeded economist expectations, as the bank attempts to set a firehose against scorching inflation.
The unexpected and supersized increase comes after two consecutive 50 basis point hikes, bringing the policy interest rate to 2.5 per cent. It is the largest increase since 1998.
It's going to get ugly very fast for those who're leveraged to the gills. At least, we'll get a slightly better real estate market.