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07.09.2022 / 07:25

Not all Canadians feel the pain of interest rate hikes. Here’s why that might change

interest rates today, efforts to get inflation back to manageable levels could leave some debt and mortgage holders feeling the pain for years to come.The Bank of Canada is widely expected to raise its benchmark interest rate again on Wednesday, marking the fifth time it would have raised the cost of borrowing so far this year in an attempt to cool the economy and tamp down rampant levels of inflation. Bank of Canada expected to raise key interest rate again as inflation persists CIBC deputy chief economist Benjamin Tal argues that thanks to the structure of Canadian household debt, the direct impact of rising interest rates is currently limited to roughly one in four debt holders, largely focused around homeowners with certain kinds of mortgages.“When people hear about higher interest rates, they assume that everybody will be paying more.

Canada CIBC economy reports

People who lost jobs in 2020 had wages below Canadian average, report says

COVID-19 pandemic all had something in common: They made $27.81 an hour or less.But the biggest decline in work was among the country’s very bottom wage earners, with an hourly wage under $13.91.Those findings are included in a report by CIBC Economics based on Statistics Canada data that shows that all the jobs lost in 2020 were among workers who earned below average wages.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
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