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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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Ottawa’s Silence on Flooding Draws Fire from Abbotsford Mayor

 

                            A car crosses a flooded street in Abbotsford B.C., on Thursday, Dec. 11, 2025. 


Mayor Ross Siemens has sharply criticized the federal government for what he calls “inaction” in addressing repeated flooding that has devastated his community. Speaking at the city’s Emergency Operations Centre, Siemens expressed frustration that Ottawa has not stepped up with the funding or support needed to mitigate cross-border flooding from Washington’s Nooksack River.

The latest floods forced hundreds of households to evacuate, inundated poultry barns, and left farmers scrambling to protect livestock. Siemens noted that while lessons from the catastrophic 2021 floods have helped the city prepare, Abbotsford remains vulnerable without federal intervention. “To put my city residents at risk once again, needlessly, because of inaction is frustrating,” Siemens said.

Farmers in the Fraser Valley are already facing significant losses. One dairy farmer reported that a dike burst near his property, releasing six feet of water in just hours. While community members have rallied to support one another, Siemens emphasized that local resilience cannot replace national responsibility.

The mayor is calling for urgent federal funding and international cooperation to address the recurring flood threat, urging Ottawa and Washington state authorities to make flood mitigation part of a formal treaty. As waters begin to recede, Siemens warned that without decisive action, Abbotsford will continue to face repeated crises that jeopardize lives, livelihoods, and food security.

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