8 May 2018

The main reasons for such a change were competitive conditions, the cost of lending and management of risk.

Then, RBC followed with an increase to 5.34%. CIBC reacted soon with a rise from 4.99% to 5.14%.

This month, the Bank of Montreal moved its benchmark rate slightly higher to 5.19%.

The rate hikes coming from the largest Canadian banks appear amid government bond yields growth, as they mean higher borrowing costs for corporations.

In addition to it, it could also lead to Mortgage Qualifying Rate growth on Monday. Today it stays at 5.14%.