The Bank of Canada’s decision to raise interest rates for the second time is expected to have a cooling effect on the national housing market, which saw a surge in activity during the spring. However, experts are warning that the supply of homes for sale is too tight for significant price drops. Concerned about a …
Decrease article font size Increase article font size The prime rate at Canada’s six largest banks increased simultaneously following the Bank of Canada’s recent rate hike, leading to a tighter access to credit and higher borrowing costs for Canadians. RBC, TD Bank, BMO, Scotiabank, CIBC, and National Bank have all raised their prime lending rate …
Decrease article font size Increase article font size The Bank of Canada has raised its benchmark interest rate by another 25 basis points, reaching levels not seen since 2001 due to concerns that the decline in inflation “could stall.” The central bank’s key interest rate now stands at 5.0 percent following consecutive hikes. Several economists, …
Economists say that the early signs of wage growth slowing indicate that the Bank of Canada is making progress in its fight against inflation. However, it is unclear whether Canadians will be able to regain the purchasing power they lost during sustained price growth. Brendon Bernard, senior economist with job site Indeed, says that if …
The Bank of Canada’s recent decision to raise interest rates was based on the unexpectedly strong consumer spending, which is showing no signs of slowing down according to the latest retail data. The central bank’s governing council reviewed economic data and concluded that the previous benchmark rate was not restrictive enough to reach its target …
The Bank of Canada’s deputy governor, Paul Beaudry, gave a speech to the Greater Victoria Chamber of Commerce, stating that recent economic data suggested an increase in the risk of “sticky inflation.” This was the driving force behind the central bank’s decision to raise interest rates by a quarter of a percentage point, bringing it …