The Bank of Canada has raised interest rates 10 times in the past 18 months, leaving homeowner Sarah Dueck struggling with a monthly $6,300 bill.
Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa on June 22. The bank opted to hold its benchmark interest rate steady at five per cent on Sept. 6, as the economy is showing more and more signs of cooling.When Sarah Dueck and her husband bought a new house in Langley, B.C., two years ago, interest rates were low. They had little doubt they could pay off their variable-rate mortgage.
Dueck and her husband are now staring at mortgage payments of $6,300 per month — up by $2,700 a month in payments since they bought the house. Earlier today, the Bank of Canada announced that it will keep the benchmark interest rate at five per cent. ButInterest rates have gone up 10 times in the past 18 months alone, from 0.25 per cent in early 2022.3 months agoArmine Yalnizyan, the Atkinson Fellow on the Future of Workers, says the central bank's decision to raise interest rates again won't help fix the inflation problem, and could actually make things worse.
"So the bank, I don't think, anticipated having to raise rates to this level, and certainly private sector economists didn't think that we were going to see rates at nearly this level either."
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