This was syndicated across 6 more GTA TorStar papers including the Peterborough Examiner, Niagara Falls Review, The Waterloo Record, The Welland Tribune, and the St. Catherine’s Standard

Big 5 banks swiftly pass on Bank of Canada hike to borrowers

Royal Bank of Canada didn’t waste much time following the Bank of Canada’s lead, announcing early Wednesday afternoon it will raise its prime rate half a percentage point to 3.2 per cent, effective Thursday. Soon after RBC’s announcement, TD Canada Trust, Bank of Montreal, Canadian Imperial Bank of Commerce and Bank of Nova Scotia matched with equal-sized prime-rate hikes.

Prime is the key rate that underpins a slate of lending products, including variable-rate mortgages and lines of credit.