Bank of Canada’s interest rate hike a ‘mistake,’ says B.C. economist
The Bank of Canada raised its benchmark interest by 25 basis points to 4.75 per cent – the highest point in more than two decades.With that comes higher mortgage payments and interest payments on loans for British Columbians, and Marc Lee thinks it was a mistake.
The higher interest rates not only impact mortgages, but also personal loans, home equity lines of credit and business lending, he added.“The Bank of Canada is raising rates because it is still concerned about inflation, even though inflation has already dropped substantially.” Instead, Lee said an alternative to interest-rate hikes is to look at different policies that target some of the specific sectors of concern.
While credit-card rates are already high – but generally more fixed – tighter budgets in other areas could see more British Columbians use their credit cards to pay bills, Lee said.
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