On June 5, 2024, the Bank of Canada made a big decision to lower its key interest rate by 25 basis points. This change brought the rate down from 5.00% to 4.75%. While a 0.25% decrease may not sound like a lot, it means that if you have a mortgage of $500,000, your...
Are you curious about Canada’s prime rate? You’re in the right place! The prime rate is important because it can affect many things, like your mortgage payments and loans. Let’s break down what the prime rate is, how it changes, and what it means for you. What...
The Bank of Canada (BoC) recently made an important decision by lowering its key interest rate by 0.25%. This change brings the overnight rate down to 4.75%. After keeping the rate at a high of 5% for nearly a year, this shift is significant for everyone—from...
Imagine trying to plan your money for the next ten years, but interest rates—the numbers that affect everything from house loans to how much you earn on savings—are a little confusing. In Canada, this is the current situation. As things happen around the world, the...
Right now, Canada is facing a high inflation rate. This means that the cost of things we buy, like food and services, is going up quickly—much faster than how much people earn. A survey showed that 45% of Canadian adults are very worried about inflation. Another 45%...
The Bank of Canada has aimed for an inflation rate of 2% since 1991. They have worked hard to keep inflation around this target even when tough events happened in the economy. These events include the dot-com bubble bursting in 2000, the September 11 attacks in 2001,...
