The Calgary Chamber of Commerce says a half-percentage interest rate cut by the Bank of Canada is great news for the economy.
The Calgary Chamber of Commerce says the interest rate cut by the Bank of Canada means homeowners should see a reduction in the cost of financing their mortgage.has slashed its overnight lending rate by half a percentage point is “great news for the economy,” says the CEO of the
The move means businesses that have outstanding debt, at a variable interest rate, will pay less to finance that debt and“It means they are going to have a little bit more disposable income and it means businesses will have more to invest in their businesses instead of having to service debt at a higher cost,” says Yedlin“If they were holding back in terms of hiring it means they may have more room to go ahead and hire those people for their businesses.
“Inflation has declined significantly from 2.7 percent in June to 1.6 percent in September,” said the bank in a statement announcing the cut.Bank of Canada Governor Tiff Macklem holds a press conference at the Bank of Canada in Ottawa on Wednesday, Oct. 23, 2024. THE CANADIAN PRESS/Sean Kilpatrick.Mortgage expert Victor Tran of Ratesdotca says the interest rate cut is great news for homeowners.
AFL President Gil McGowan says, “the Bank of Canada’s high interest rate policy has been bad medicine for working people. It punished workers with more expensive mortgages and priced others out of the housing market altogether, while leaving less money to spend on things like food and other essentials.”
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