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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Ontario Braces for Record Cold Before Snowstorm Hit

Ontario is currently experiencing an Arctic chill with wind chill values plunging into the -30s and -40s, prompting widespread extreme cold warnings. The frigid temperatures have already led to road and school closures in some areas. 

However, relief is on the horizon as a weak clipper system is expected to move across the region Wednesday night and Thursday, bringing a few centimetres of snow to the Greater Toronto Area (GTA). Between 5-10+ cm of snow could fall locally, especially in areas experiencing lake enhancement.

While the deep freeze is expected to break by the weekend, bringing more comfortable weather, drivers are urged to plan ahead and brace for slower commute times due to slick conditions. 




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