What Happens When Interest Rates Rise in Canada?

Understanding Interest Rates: How They Impact You and the Economy

Interest rates play a crucial role in our daily lives, much like the cost of renting an apartment. When interest rates rise, the effects ripple through both businesses and consumers, influencing everything from credit card purchases to mortgage costs. As the Bank of Canada adjusts rates to manage inflation and stabilize the economy, consumers might delay big purchases due to higher monthly payments, leading to decreased consumer spending and slower economic growth.

Discover how rising interest rates impact mortgage affordability, business investments, and different economic sectors. Stay informed about these essential changes to make empowered financial decisions.

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