BoC Has Removed the Conditional Commitment, Rates will go up!

Today the BoC has announced that with recent changes in the economy they will lessen the monetary stimulus which means there is a good chance we will see the rates go up on June 1, and according to TD Economist Craig Alexander, “It is an absolute 100% certainty [the Bank of Canada] will raise by July.”

So the prime is going up, and based on economic forecasts we will see another few increases before the end of the year as the economy picks up speed, where the prime might be a full 1% higher going from 2.25% to 3.25%.

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