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Banks follow with raise in prime rates after the interest rate increase

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After the Bank of Canada increased its key interest rate by a quarter of a percentage point to 1.75%, the big four banks across the country are raising their prime rates.

The Royal Bank of Canada, Bank of Montreal, CIBC, and TD Canada Trust are all raising their prime lending rates by a quarter of a percentage point to 3.95% from 3.7%.

This increase will raise the cost of the loans that are based off prime rates including variable-rate mortgages and home equity lines of credit.

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