Bank of Canada makes first rate hike in 7 years

• July 12, 2017
• realestatelife
• Business & Markets, Politics & Economy, Real Estate Finance, World News

The Bank of Canada, as expected, raised its overnight interest rate by a quarter of a percentage point to 0.75% on Wednesday. This was the first rate hike in seven years, making the Bank of Canada the first major central bank to join the Federal Reserve in raising rates. The Bank of Canada’s decision was driven by its confidence in its outlook for faster growth in the economy.