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Why GIC rates may soon head lower even in the wake of the BoC rate hike

For Your Information

As a seller of GICs and mortgages, Brandon Brot is the first to hear about how the financial industry is reacting to the recent rise in interest rates.

Every day, he receives bulletins about changes in rates for both guaranteed investment certificates and mortgages. “We’re getting mortgage rate increase, mortgage rate increase, mortgage rate increase these days,” said Mr. Brot, a principal at GIC Wealth Management. “But we don’t see anything on the GIC side.”

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Canada’s biggest banks didn’t waste any time raising their prime lending rates following the Bank of Canada’s interest rate hike announcement this week. But of course interest rates on savings accounts, bonds, and GICs didn’t budge.

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Bank of Canada raises interest rate for 1st time in 7 years to 0.75% – Business – CBC News

The Bank of Canada has raised its key interest rate as expected to 0.75 per cent — the central bank’s first move upward in the cost of borrowing in seven years.

The bank’s target for the overnight rate — at which major financial institutions make one-day loans to each other — moved up by one-quarter of a percentage point from 0.50 per cent.

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These are worrying times for people who put money into savings accounts and guaranteed investment certificates sold by subsidiaries of troubled Home Capital. Clients have pulled millions of dollars out of savings accounts from Oaken Financial and Home Trust, but GIC assets remained largely untouched as of early this week.

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