Six in 10 Canadians worried about impact of rising rates
“For households that have already slashed their budgets and shaved off as many expenses as they can, any future interest rate hikes could put them in a position where they are forced to take on additional debt to keep up with their bills. But the cost of servicing that debt is also ballooning as rates rise, making it far more difficult to pay off,” said MNP president Grant Bazian in the press release.
If the Bank raises its rate by 75 basis points, the new rate of 5 per cent will cost $249 more a month or $2,988 a year.Economists at Desjardins expect the latter, but they also question whether that is the right path. He points to the Reserve Bank of Australia, which surprised markets by raising rates 25 basis points instead of 50, as a prudent course. While there are differences between the two economies there are also many similarities.
“So while we think the Bank of Canada will raise rates 75 bp next week, we’re not convinced that it should,” said Mendes.
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