Canadians say higher rates are crimping their personal spending - BNN Bloomberg

Some 64 per cent of Canadians say higher interest rates are having a negative or somewhat negative impact on their personal spending, according to a Nanos Research Group survey conducted for Bloomberg News. Another 28 per cent said there was no impact, while 6 per cent said the impact was positive.

The poll took place just before the Bank of Canada surprised markets by ending its conditional pause and raising its benchmark overnight rate to 4.75 per cent last week, a move it said was the result of strong economic momentum. Before that, the central bank increased rates by more than 4 percentage points between last March and January of this year.

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Canadians opting for shorter mortgage terms as they hope for declining interest rates - BNN BloombergWith mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn't forget about term length.
Source: BNNBloomberg - 🏆 83. / 50 Read more »