Where can you travel when your money doesn’t go as far as it used to?
Global News
For the second time this year, the Canadian interest rate is dropping half a percentage point. What does it mean for those looking to get away on vacation?
“Let’s take a vacation.”
It’s a phrase used by many this time of year, as people search for warm weather and adventure.
But over the last few years, travel has increasingly cut deeper into the pocketbook.
On Wednesday, it became even more expensive.
For the second time this year, the Canadian interest rate is dropping half a percentage point.
And with the Canadian dollar offering less buying power when heading to America, it could put travellers in a bit of a predicament.
Jamie Milton, the president of Uniglobe Travel said the dollar does impact where people choose to travel.
“If you’re buying hotels, car rentals, paying for meals, any of that sort of thing in the United States, it’s now costing you quite a bit more than it might have a year ago or 10 years ago,” she explained.
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