Does a Lower Interest Rate Really Mean That You Should Borrow More?
As the economy is beginning to show signs of recovery and the physical distancing rules are being eased, various benefits and deferrals mandated by the government are also ending. With the buffer being removed, it is crucial for you to evaluate your financial position to ensure that you’re prepared to handle your debt payments. For […]
BOC Interest Rate Announcement and Your Lendable Equity: Are They Correlated?
The COVID-19 pandemic has impacted economies across the globe and the Canadian economy is no different. Economic uncertainty has led to business closures, unemployment, and a decline in real estate activity. Looking specifically at the real estate industry, there has been a significant decline in the number of properties sold over the past few months. […]
Bank of Canada Interest Rate Decreases and Coronavirus in Canada
Over the past month, the Bank of Canada interest rate has dropped to the lowest it has been since July of 2017 — 0.25%. Is this a good thing? A negative? And what does it mean for your finances — especially during the novel coronavirus (COVID-19) pandemic? We’re answering all these questions and more. Canadian […]
COVID-19 Income and Debt Help for Canadians
The past two weeks have been a non-stop train of breaking news as Canada copes with the novel coronavirus, COVID-19. This public health pandemic is affecting many across the country — both medically and financially. In order to “flatten the curve” and reduce the risk of infection, many businesses and public services have been suspended, […]
Bank of Canada Interest Rate Stays at 1.75% for March 2019
The Bank of Canada interest rate is staying at 1.75% for March 2019. On March 6, 2019, the Bank of Canada (BOC) announced they are maintaining the overnight interest rate for the time being. Their reasons were: The slowdown to the global economy has been worse than the BOC predicted – including trade tensions and […]
What You Should Know to Be Financially Prepared for 2019
Make a Personal Finance Plan for Higher Interest Rates, Mortgages, Line of Credit Payments, and More The new year is upon us. Do you have a personal finance plan for 2019? The Canadian economy is changing. We have already seen the effects of this in 2018. Canadian consumer debt is staying at high levels — […]
No Interest Rate Increase for January 2019: Time to Restructure Debt?
There will be no interest rate increase this month, or in February 2019. The Bank of Canada (BOC) announced on January 9, 2019 that the overnight interest rate would remain at 1.75% for the time being – at least until the next announcement, scheduled for March 6, 2019. Reasons for the hold include the global […]
Bank of Canada Staying at 1.75% for December 2018 – But Don’t Delay Dealing with Interest Rate Debt
Good news for 2018: we won’t be seeing any more Bank of Canada interest rate increases this year. On December 5, 2018, the Bank of Canada (BOC) announced that the overnight interest rate would stay at 1.75% for the month of December. The next interest rate announcement is scheduled for January 9, 2019. What does […]
Latest Bank of Canada Interest Rate Increase: 1.75%
The Bank of Canada (BOC) has made another interest rate increase. As of October 24, 2018, the BOC interest rate is at 1.75% — the highest it has been since 2008. The Canadian and U.S. economies, job growth, and inflation were all taken into account. The BOC also discussed household spending as part of their […]
Should You Get a Home Equity Loan to Pay Off Debt Before Interest Rates Increase Again?
How confident are you that you could survive another Canadian interest rate increase? If your answer is “not very” perhaps it is time to consider getting a home equity loan to pay off debt. Since July of 2017, the Bank of Canada (BOC) interest rate has increased from 0.5% to the current 1.5%. Although the […]