Interest Rates

The Jamat is aware that the Central Bank of Canada increased its interest rate in July by 0.25%, the first such increase in 7 years, and has signaled its intention to continue to raise interest rates. Another increase may come as early as October 2017. The lending banks have already increased the cost of borrowing for lines of credit, home equity loans, variable mortgages and mortgage renewals.

The Jamat is urged to review their personal finances to determine the impact of this rate increase and subsequent rate increases. Reducing debt and living within your budgets is always a good policy. Contact the Economic Planning Board representatives for more information or support.

Click here to read more about the interest rate hike, its effect on your household, and how to protect yourself from rising interest rates.