Bank of Canada hikes interest rate to 2.5%

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The Bank of Canada has released its latest interest rate decision and is moving aggressively against inflation by increasing the cost of borrowing. Former parliamentary budget officer Kevin Page weighs in.

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In summary, things are bad and things will get worse. Worse is the government pretends like they don't see it. I for one has been hit very hard and at this point, I am more interested in a solution because I don't think an end is near. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.

EmersonFranklin

All the people who naively bought houses in the last 2 years at outrageously inflated prices are going to feel this! Stay within your means and save save save

Bobobaggins

People complained in 2020 about job losses and the BoC and federal governments responded with stimulus cheques and lower interest rates. What did you think was going to happen when you inject money into the economy and make borrowing really cheap?

spencersl

Apparently the goal is to reduce my spending. What spending??? I spend more on fuel and more for every item (groceries) because stores pass their increased transport costs (fuel costs more) to me. And now I'll pay more to the banks when renewing my mortgage. There's actually very little left over to "spend". And why isn't the goal to increase supply, which is still apparently lower than it was before Covid arrived. Lowered supply with unchanged demand results in increased costs and the BoC wants to increase rates in order to lower demand??? I see that the banks will benefit from this move: I'm being forced to "spend" more on banks than before. And where will I get that money? By reducing what I buy from groceries. That's the only elastic spending in my budget. the only item I can spend less on.

stephanebessette

Recession is definitely coming. People have been predicting this for a loooong time.

PoliticallyHomelessCentrist

The country needs to stop spending money, lower the taxes to get Canada back on track.

sqr

stop the war...pump oil...open up pipelines...end carbon tax

complaintdesk

Wait till September for the next rate hike. You may think I'm crazy September will be another increase 1.25%-1.50%. Yes you read that right. Don't be surprised, this won't even dent the inflation and Tiff knows it.

meishajames

These are still discount rates for what can only be described as free money to borrow

johncorcoran

only 2.5%? isn't CPI above 8%? what is 2.5% going to do?

immortal

This situation is ridiculous. There needs to be accountability here.

rabeasaab

Let’s do a 1.5 percent rate hike next!

adelinesimmons

Typical academic bureaucrat. Why wouldn't we want to prick the housing bubble? As far as I'm concerned it's obscene what the central banks have allowed - and encouraged - to happen in housing inflation. A complete meltdown can't happen fast enough as far as I'm concerned, and I hope all the speculators literally go bankrupt.

supermash

This is an absolute disaster!! This could have been avoided if the BOC had bumped rates at the beginning of the pandemic rather than allowing banks their bloated profits due to historically low interest rates!!! How many families will be forced out of their homes due to this!! Shame on you all!! Hopefully our household can survive this and keep the roof over our heads.

greghamilton

Grab your Vaseline and hold on to your ankles folks… gonna be a rough ride

zblackness

Variable rate mortgage holders getting slaughtered.

oz

What??
Your surprised??
"YOU WILL OWN NOTHING AND BE HAPPY "
It's not over, folks!
More rate hikes this coming year
Upside down mortgages, banks making margin calls on outstanding credit, bank foreclosures!
Just remember "The budget will balance itself "
🤷‍♂️🤦‍♂️

keithhannah

2022 = I'm a Homeowner
2023 = 15-20% interest rate
2024 = Foreclosure
2025 = Wealth transfer successful

syntaxer

Does that mean personal bank account interest rates will increase too or do you have to renegotiate or move your savings to a different, higher interest account if one is now available?

robbrien

Congratulations. Rich people literally memed themselves into demanding a recession.

Twilightts

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