Statistics Canada revealed that higher interest rates are discouraging borrowing among Canadians, although increases in income are helping to offset the impact of higher debt-servicing costs. According to Statistics Canada, in the second quarter, the ratio of credit market debt to household disposable income decreased to $1.81 from $1.84 in the first quarter of 2023. …
Bank of Canada Governor Tiff Macklem reaffirmed the central bank’s independence and defended its interest rate decisions in response to recent political commentary. Macklem expressed confidence in the Bank of Canada’s ability to fulfill its mandate of controlling inflation, emphasizing that maintaining independence is crucial. The Bank’s decision to hold its benchmark interest rate steady …
The Bank of Canada’s Inflation Target in Sight, but Additional Rate Hikes May Be Needed The head of the Bank of Canada, Tiff Macklem, addressed the Calgary Chamber of Commerce on Thursday, stating that the central bank’s goal of achieving a two per cent inflation rate is “now in sight.” However, he cautioned that persistent …
According to a new survey released by Re/Max Canada on Tuesday, Canada’s housing market could experience a slowdown this fall as potential buyers and sellers wait to see what the Bank of Canada does with interest rates. The report suggests that home prices will remain stagnant from August until the end of the year due …
Two Premiers Urge Bank of Canada to Halt Interest Rate Hikes Ontario Premier Doug Ford and British Columbia Premier David Eby have both sent letters to Bank of Canada Governor Tiff Macklem, urging the central bank to halt interest rate hikes leading up to its next rate decision on Wednesday. Premier Ford expressed concern over …
Decrease article font size Increase article font size Doug Ford has become the second Canadian premier to formally express his displeasure with interest rate hikes, calling on the Bank of Canada to end the increases, which he says are negatively impacting individuals. In a letter sent to the governor of the Bank of Canada on …
Canadian consumers are currently facing increasing financial pressure due to higher interest rates, and this is affecting the country’s largest lenders. However, there are steps that borrowers and banks themselves can take to mitigate the impact. The latest bank earnings have shown that a slowing economy is causing profit dips and higher provisions for possible …
As interest rates continue to rise, many individual buyers are being priced out of Canada’s housing market. In response to this, brokerage firm Royal LePage has released a report indicating that Canadians are increasingly turning to family and friends to afford a home. The report, based on an online survey conducted by Leger in August, …
Canadian millennials, especially those who own homes, are facing a challenging future as interest rates rise, according to a new report from RBC. The report highlights that rising interest rates will have a significant impact on millennials and younger Generation X adults, making them more susceptible to job losses if the economy slows down. RBC …
Economists are warning that the recent surge in the annual rate of inflation could be a cause for concern at the Bank of Canada. According to Statistics Canada, annual inflation rose to 3.3% nationally in July, exceeding the central bank’s target range of one to three percent. This is up from June’s inflation rate of …