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Bank of Canada Interest Rate Staying the Same for September 2019: How This Affects Consumer Debt

Bank of Canada Interest Rate Staying the Same for September 2019: How This Affects Consumer Debt

The Bank of Canada (BOC) is maintaining the Canadian interest rate for another month. On September 4, 2019, the BOC announced that they are keeping the overnight interest rate at 1.75% — the same rate it has been since October of 2018. Economic Uncertainty Some...
Preparing to Refinance/Renew Your Mortgage at a Higher Interest Rate

Preparing to Refinance/Renew Your Mortgage at a Higher Interest Rate

Are you planning to renew your mortgage soon? If so, you could be in for sticker shock. Economists estimate about 24.1% of mortgages will renew in 2020, and 26.8% in 2021. Since 2017, we have seen interest rates rise significantly, going from 0.5% to 1.75%. If you...
Canadian Interest Rate Staying the Same for the Summer

Canadian Interest Rate Staying the Same for the Summer

Why It’s the Perfect Season for Debt Consolidation The Canadian interest rate isn’t going up this summer. On July 10, 2019, the Bank of Canada (BOC) announced that the Canadian interest rate will remain unchanged this month, staying at 1.75%. As this is the last BOC...
Bank of Canada Slowing Down Interest Rate Increases: What This Means for You

Bank of Canada Slowing Down Interest Rate Increases: What This Means for You

The Bank of Canada (BOC) announced on April 24, 2019 that they would not be increasing the interest rate this month. And further to that, they may not be increasing the interest rate again for the remainder of 2019. The last time the interest rate increased was in...
Still Time to Deal with High-Interest Debt: Bank of Canada Maintains Interest Rate for March 2019

Still Time to Deal with High-Interest Debt: Bank of Canada Maintains Interest Rate for March 2019

The Bank of Canada is keeping interest rates the same for another month. On March 6, 2019, the Bank of Canada (BOC) announced it would be maintaining the current 1.75% interest rate. This rate has been in place since October of 2018. Part of the BOC’s reasoning had to...