The premier said he wrote directly to Bank of Canada\u0027s Tiff Macklem on Sunday because of the devastating impact current rates are having.
The Bank of Canada raised its key interest rate to 5% in July, citing projections suggesting it will take longer for the national inflation rate to reach the bank’s target of 2%.
“Ontarians simply cannot cope with the higher monthly payments on their homes brought about by repeated interest rate hikes.” Eby’s letter, dated Thursday, said people are “hurting” and another rate increase next month might worsen inflation rather than improving the situation. “I think it is critically important to go on the record to point out to the Bank of Canada that Statistics Canada is saying that the biggest driver of inflation in our country right now is rising mortgage rates,” Eby said.
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