How Canadians have cut back one year into interest rate hikes
BNN Bloomberg
It’s expected that the cumulative effects of rate increases will work their way deeper through the economy – and regular Canadians’ finances through their mortgages and other loan payments – this year.
The Vaughan, Ont., mom of two has since cut back on dining out and started scouring coupon apps to snag the best deals on food. She limits shopping to her strict grocery list and other necessities like clothes for her growing kids.
“I don't buy things that are not really a need for me,” Kwan told BNNBloomberg.ca in a telephone interview this month.
Like other Canadians, Kwan’s family finances have been squeezed by the Bank of Canada’s aggressive central interest rate hiking cycle, aimed at bringing down skyrocketing inflation that’s put widespread pressure on people's wallets.
