Most of the big banks have raised their expectations on what the Bank of Canada’s overnight rate hikes will be by the end of this year. A possible 2.5% overnight rate (overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market.) The last time the overnight rate was close to that high was during the 2008 financial crisis.

The details are still to come on which geographical areas, the date this will come into effect, and how long of a period they have for backing out. It will be interesting to see how this plays out over the long run and what it fully entails!