The Bank of Canada raised its benchmark interest rate by 50 basis points on Wednesday, to 4.25 per cent. WATCH | Rate hikes leave no money for anything else, homeowner says:Rate hikes gobble up every penny of household spending Duration 0:55 Rabia Shumayal of Mississauga, Ont. has seen her mortgage rate go from 1.9% to above 5% this year, which has forced her to cut out basically all other spending for her family. Stopping the barrage of rate hikes is long overdue for people like Rabia Shumayal. "And even if I had those, how would getting rid of $30 make up for $1,000 of an escalation of an interest rate?"

Source: CBC News December 08, 2022 00:18 UTC