this post was submitted on 11 Jul 2023
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Then why the hell does the BoC continue to raise the gd interest rates ffs?
On a personal note I have an appt scheduled today with my bank to try and work out some kind of deal ... the first step towards bankruptcy. :/
Because BoC's mandate is to limit inflation. Affordability isn't their problem.
And further to that, they have very few tools at their disposal - interest rates being the main (and most effective) one.
Largely because there is too much household debt (which helps drive inflation). Higher rates incentivizes people to take on less debt.