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TagBank of Canada

Beware of “Friendly” Calls From Your Bank

For better or worse, Canadians have a lot of trust. In each other, in their government, in the places they eat, in the places they shop – and apparently in the places they bank. A 2020 survey found that seven out of 10 Canadians believe their banks have their best interest in mind when offering advice. Well, if you’re one of those seven out of 10 people, I hate to burst your bubble… but I have reason to believe otherwise.

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Rates Are On the Up and Up… But For How Much Longer?

You’ve probably seen the headlines: the Bank of Canada has raised their key interest rate. Yet again. And this hike isn’t any less forgiving than the last one. In another unprecedented move (anyone sick of that word yet?) the rate increased by 0.50%, double the normal increase of 0.25%. Yes, it’s a big jump that’s getting a lot of media buzz. But how bad is it really? Is it worth all the alarm? Will rates continue to climb?

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The Tide Turns for the Canadian Housing Market

Just a few months ago, all anyone could talk about was the red hot housing market. Sky high property values. Historically low interest rates. It’s amazing how quickly the conversation can change. As expected, the market has cooled. And while we’re not necessarily in a buyer’s market just yet, things are certainly trending that way. If you’re looking to purchase an additional property, or you’re a first time homebuyer, this could pose an opportunity. 

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Bank of Canada Raises Benchmark Interest Rate

Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years. 

All of this might seem terrifying. But let me assure you: there’s no need to panic. 

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Bank of Canada Raises Rate by 0.25% – Is it Time to Worry Yet?

As predicted, the Bank of Canada raised their benchmark rate a few days ago. No surprises here. And yet, the media will make you feel like this was out of left field. Even worse, they’ll spew fear mongering dribble that the train is off then rail. That every single BoC meeting for the rest of the year will result in a rate pump. That we’re heading for a market crash of epic proportions. So is it time to worry yet?

I’m here to tell you this: turn off the television and take a deep breath. There’s nothing to fear.

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