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What the Bank of Canada’s Interest Rate Hikes Mean for Homeowners

In 2022, the Bank of Canada (BoC) has been raising interest rates at the fastest and most significant pace since 1998. In July, the organization increased the benchmark rate to 2.5 per cent for the first time since 2009, when the global economy was coming out of the financial crisis. Here’s what the Bank of Canada’s interest rate hikes mean for homeowners.

The central bank is trying to bust inflation, with the consumer price index (CPI) hovering around eight per cent. The Canadian economy has not witnessed inflation this high since the early 1990s, driven by a wide range of factors, from expansionary pandemic-era fiscal policy to surging commodity prices.

While inflation has eased this summer on the back of falling crude…

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