After languishing for years, newly issued GICs became competitive again in 2023, with rates climbing above 3%. If you’re holding on to an older GIC, however, you may not benefit because many GICs are not redeemable. If you locked into a five-year GIC when interest rates were much lower...
OTTAWA, April 13 (Xinhua) -- The Bank of Canada announced Wednesday the country's benchmark interest rate was increased by half a percentage point to 1 percent. This is the country's second consecutive interest rate hike in 2022, following an increase of 25 basis points in March, breaking ...
When the BoC raises the overnight rate, almost all lenders will pass on this rate hike to borrowers. This increase will impact all variable-rate loans, including mortgages, lines of credit, payday or short-term loans and interest earned on savings accounts. For instance, if the BoC raises t...
Interest rate hikes have dampened job creation, but the need to get work done remains. A strong push toward contract hiring in early 2025 will help companies kick off transformation projects with little investment in new resources. 40%
“I want to be very clear: we are pausing interest rate hikes to assess whether we raised interest rates enough to get inflation all the way back to target,” Macklem told reporters after his speech. “Monetary policy works with the lag. We’ve raised rates rapidly. We’re seeing the ...
Bank of Canada raises interest rate by half percentage point, says more hikes to come The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022. THE CANADIAN PRESS/Sean Kilpatrick The Bank of Canada hiked its key interest rate by half of a percentage point Wednesday...
The housing crisis in Canada has been a pressing issue across the country, especially given inflation and interest rate hikes. From August 18 to 20, 2023, we surveyed Canadians about their perceptions of increasing rental costs, worries about paying their rent/mortgage, and agreement with potentia...
Bank of Canada Hikes Interest Rate on Strong Economy, but Underlines NAFTA RisksBank of Canada raises interest rate to 1.25%--OTTAWA - The economy's impressive run has prompted...Blatchford, Andy
The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the cycle. The rate increase marks the eighth consecutive hike since March as the central bank fights off decades-high inflat...
Canadians saw seven interest rate hikes in 2022. In January 2023, another increase followed, bringing the key rate to 4.5 per cent. The Bank held its key rate at 4.5 per cent—precisely as experts predicted—until June 7, when it was raised to 4.75 per cent. On July 12, the BoC rais...