BoC's interest rate vs. inflation rate (%) vs. mortgage rates*
Current overnight rate is 3.75% and current mortgage rate for 5-year conventional mortgage loan is 6.49%. Most recent inflation rate of 6.9% is for September, 2022.
*Interest rates by six major major chartered banks. Low mortgage rates made obtaining home loans more appealing but interest rate hikes made the cost of borrowing more expensive.
NOTE: BoC's daily overnight interest rate was only available for the past ten years.
Chart:Deena Zaidi/CTV News.caSource:Bank of Canada and Statistics Canada