The biggest winners and losers from the Bank of Canada's interest hike

The Sept. 7 rate hike has pushed the prime rate up yet again in an effort to stall inflation. Will there be more rate

What does this rate increase mean for the average Canadians? How will those with mortgages, debt, savings and investments be impacted?Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.

We encountered an issue signing you up. Please try againStephen Brown, senior Canada economist at Capital Economies says that to gauge the “winners and losers” of the hike, we should group the two categories as “‘savers’ vs ‘debtors.’”A report by Equifax indicates that Canadians are incurring more consumer debt. In Q2 it rose to $2.32 trillion, representing a 8.2 per cent increase in comparison to last year. Credit card balances, or the amount people owe, reached its highest level since 2019.

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