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Interest rates are up!
January 18, 2018
Well Bank of Canada announced interest rates are going up. This is the third time in 6 months. This now brings the benchmark for lending to 1.25% With this news the top 5 banks in Canada all follow suit and brought their prime to 3.40%
This was seen since currently the Canadian economy is looking good. With unemployment sitting around 5.9% and 2017 bringing in 420,000 new jobs it was for-seen that interest rates were going up.
The theme for 2018 is higher interest rates but with NAFTA still up in the air, Bank fo Canada is unsure that interest rates will go up again. Time will tell what will happen in the next few months. But for now embrace the new stress test and higher interest. Hey the good news is for all the savers out there more interest to be made!