Explainer | What to know about the latest interest rate increase from the Bank of Canada

OTTAWA - The Bank of Canada raised its key interest rate target by a quarter of a percentage point to 4.75 per cent on Wednesday, the first raise since it announced a pause in January. Here’s what you need to know:The Bank of Canada said it decided to raise rates again because inflation risks getting stuck above its two per cent target.

The Bank of Canada, however, has faced criticism for not moving fast enough to start raising rates at the beginning of last year. Ratehub.ca said a homeowner who was paying $4,075 on their $716,083 home with a five-year variable rate of 5.55 per cent amortized over 25 years would see their rate increase to 5.80 per cent and their monthly payments rise by $98.

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