Today's DateJuly 7, 2022

Bank of Canada Holds Rate

The long-awaited news from Bank of Canada just came in and today they announced that they will be keeping the interest unchanged for now however they highly suggested that the rates will increase at some point in 2022.

What does this mean for you?

At this moment, mortgage and open credit holders are not affected however be ready for hike this year. Make sure that you budget correctly for the hike. If you don’t have a mortgage and planning to get one, don’t wait. Canadian banks are already hiking their rates and they will continue to do so.

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