This summer, Bank of Canada has risen its interest rate a quarter percent more, to reach 0,75%. It had not increased since 2010.
Canadian economy is doing well: 350 000 jobs were created, the unemployment rate has been reduced to reach 6.5% in June and a GDP growth of 2,8% is forecast for this year. Even if household indebtedness is still strong, their expenses contributed significantly to the canadian economy growth and its current state that the bank qualifies as « solid ».
The interest rate rise shouldn’t affect consumers finances. However, it will affect owners who will see their monthly mortgage payments increase by a few tens of dollars linked to the banks’ prime rates.
A second quarter-point increase is expected in the fall, bringing the interest rate to one per cent.
This rise won’t impact Medicapital’s rate which will stay fixed.
To benefit our rate for the purchase of a medical practice or equipment, contact one of our Medicapital financial consultant.