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Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike
– canadianbusiness.com
After slashing its key interest rate to 0.25 per cent at the onset of the pandemic to encourage consumers to spend, Canada’s central bank is moving full-speed ahead to rein in the same rock-bottom borrowing costs that are now contributing to high inflation.
While the BoC’s move to bump up interest rates won’t have an impact on how much you pay at the grocery store, it could cool down housing demand and make it more difficult for people to break into the real estate market. Canadians will now pay more for fixed-rate mortgages, variable-rate mortgages and other lines of credit, such as a home equity line of credit, or HELOC.
“People who’ve bought houses over the last two or three years at incredibly low interest rates have now got a one-and-a-half percent bump in the interest rate that they’re paying,” says Laurence Booth, a professor of finance at the University of Toronto’s Rotman School of Management…
