Sylvain Charlebois: What Does the Latest Interest Rate Hike Mean for Your Wallet?

Interest rate uptick spells trouble for housing market and consumer expenditures

A “for rent” sign outside a home in Toronto on July 12, 2022. The Canadian Press/Cole Burston

Commentary

The Bank of Canada has once again increased its benchmark interest rate, this time by .25 basis points to five percent, amid growing apprehension from a number of financial experts regarding its potential impact on consumers. And their concerns are not unfounded.