The Bank of Canada has raised its key interest rate for the fifth time this year. This leaves B.C.’s premier and others wondering how this will hurt British Columbians already struggling with the cost of living. Kier Junos has the story.
Please keep raising the interest rates. Those who borrow beyond their means need to understand money isn't free. I do not feel sorry for chronic debt profiteers who keep borrowing so they can pretend to live a lifestyle they never truly earned.
@willpow8740 the BC Liberals had no association with the federal Liberal Party though. It was name only, one that they’ve recently changed. They are now known as the BC United Party. Also BC as a whole is actually relatively conservative. In the 2021 federal election the Conservative Party received more votes than any other party in BC with 33.2% of the vote. The NDP received 29.2%. The Liberals received 27.0%. The rest was shared amongst other parties. As for seat count, there are 42 federal ridings in BC, 13 are held by the Conservatives. 15 by the Liberals, 13 by the NDP, and 1 by the Green Party. Support is pretty much even for all three major parties province-wide. This notion of BC being just liberals and NDP supporters is false. There are a lot of Conservatives in BC.
never borrow money and never use credit, always pay for everything in full with cash. gold, or silver. Or barter for what you need using what you have to barter with.
1. People who live pay checks to pay checks got severely impacted. 2. Retailers / businesses may easily pass on impact of cost increases to the customers. So, It’s customer that takes the hit. 3. Old people / retired people face severe impacts of inflation. 4. Youth has lost hope that will ever have a house. 5. People who have (legal or illicit) abundance of money are indifferent; their life is not impacted. Their children are driving Porsche on roads and enjoying dinners in best hotels of the Towns. Despite different impacts on various Segments of the society, central banking is using only one tool to manage inflation that is increase in interest rates, however , people who have abundance of money do not get any impact , their life continues in same old fashion.
Better now than becoming like Venezuela with 97% inflation. Might be like that for a decade. From my Feng Shui, this next 20 years is not real estate. Read the tea leaves. It was mentioned about a decade ago. Preparation is key.
Housing used to be around $135,000 to $198,000 with interest of 7 to 8 % for 20 years in 2002. Look, those who bought at $350,000 to $800,000. At ridiculous low interest rates. So you take the loss or homes foreclosure. Then yes you lose what you paid for 4 or 5 years. But now the cost is $135,000 @ 7 %, and you buy this second home that you can afford. So basically your total time of your mortgage will be 25 years when you pay it off. There isn't a housing shortage, not long-term. The baby boomers, which are the largest population group. Are 70 to 85 years olf. They are going to die off soon. And their homes will become available.
Just think how it is in the Prairie provinces. Everything has to be trucked in. If you live in Alberta, you are forking out $700 of your money this year for 'transfer payments'. Half of which goes to Quebec for eternity.
Well all i gotta say if you know anyone who supports liberals thank them for the crazy prices and the carbon tax wait until the intrest rate hits 12% your 400 000 dollar home is gonna be intresting to see u pay it off
Just out of curiosity, what do you think of countries with conservative governments that have higher inflation right now ? This is bigger than any one party.
When interest rates go up, rents go up too. That adds to inflation. At the rate BOC is increasing rates, middle class will never own a house and live on rent for ever and make landlords rich. This is crazy.
It will impact alot to low family. How much more can u budget. Credit cards companies are profitting big time. So r the banks. This will get alot people thinking if its a good idea in 2025bto borrow as its hurt alot of canadians. With people losing their jobs. its stressful to lots of canadian. But they dont talk about that Salaries 😮are low. Now 2025😮😮😮😮😮😢
