Canadians looking to renew their mortgages or purchase a new home are anxiously awaiting the next Bank of Canada interest rate decision, set for Wednesday, Oct. 28. The bank is eyeing a potential rate hike, after more than 11 months of status quo when it comes to interest rates. The bank’s interest rate is used by mortgage companies and money lenders to create their loan repayment fees. “This is shaping up to be the most dramatic Bank of Canada decision we’ve had in ages,” Ratehub.ca mortgage expert Clay Jarvis said in an emailed news release. On Monday, Statistics Canada released its inflation rate, which rose 3.1 per cent higher than September last year — mostly due to elevated gasoline and diesel prices.
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