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The increase in the benchmark rate, which guides the interest rates on various financial products and debt, comes as Canadians report record levels of household debt and is likely to further weaken real estate prices and sales, which have been slowly recovering this year after a sharp fall in 2022.
In explaining its decision, the BoC said another rate hike was needed because the Canadian economy remains stronger than expected and there’s a risk inflation could stall above the desired target. The BoC targets a rate of inflation of 2%, which has not been achieved since early 2021. Canada’s inflation rate slowed to 3.4% in May, down from 4.4% the month before, but the BoC believes it will take until the middle of 2025 for it to fall back down to 2%…
The 11 best travel credit cards in Canada for July 2023
– moneysense.ca
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The 11 best travel credit cards in Canada for July 2023
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