Update since this article was written: this morning’s September jobs report was weak. Canada shed a net 68,300 jobs — a big miss against the +9,200 expected — and the unemployment rate rose to 6.5%. That softens the hike case: a faltering labour market gives the Bank reason to hold on October 28. It doesn’t…
The Bank of Canada announced a quarter-percentage point decrease to the prime lending rate, now at 2.50%, confirming forecasts of a rate cut. This move is expected to lower borrowing costs, with the prime rate likely adjusting to 4.70%. Variable-rate borrowers may see reduced monthly payments, while fixed-rate mortgage changes will vary. Analysts anticipate further…
In this challenging financial landscape, it’s clear that Canadians are feeling the heat of unprecedented interest rate hikes. of the last 18 months. From adjusting budgets to exploring alternative mortgage solutions, there are ways to weather this storm. By making informed decisions, seeking professional advice, and taking advantage of high-interest savings options, individuals and families can navigate these turbulent times with resilience and hope for a brighter financial future