No one alive has witnessed a rate move like we saw in 2022—not on a percentage basis anyway.
Prime rate catapulted 163% in just ten months. The next closest move was in 1978 when rates surged 103%.
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Context: We refer here to the percentage increase, not the percentage point increase. The findings in this article are based on Bank of Canada prime rate data going back to 1935.
Seemingly everyone who's borrowed against their home or sells financing wants to know the same thing. How long could rates stay at their peak once that peak has been established.
History sheds some light on this and here's what the data show...
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