Changing habits for Ottawa residents as interest rate hikes continue
Changing habits for Ottawa residents as interest rate hikes continue
The relentless rise in interest rates continued Wednesday with the Bank of Canada raising its key interest rate to the highest it has been since 2008.
Now, some people in Ottawa are making changes to deal with the added expense it generates.
"My mortgage has increased overall from the last year and a half by $1,200 which is almost a 25 per cent increase," Sumit Bhutani said. "We have had to do cutbacks, we have stopped going on vacations, eating out less and apart from that my wife has started working contracting jobs so that has helped with the extra income."
The final rate hike of the year saw the key interest rate increase by half a percentage point to 4.25 per cent.
"It impacts everything in our budget, in our monthly budget plus it's impacting our travel a lot," Laxmi Bhutani said.
Some economists believe the central bank made the wrong move.
"I absolutely see the hopes of a soft landing have been crushed now," said Sheila Block, a senior economist with the Canadian Centre for Policy Alternatives.
Ontario Premier Doug Ford also weighed in on the hike, saying, "I understand their philosophy they want to cool down inflation but what we're hearing that hopefully in April, May and June we're going to see inflation level off but just increasing interest rates constantly, personally I don't believe in it."
The next rate announcement is expected on Jan. 25, 2023.
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Dominic Barton, the former global managing director of McKinsey & Company, says he had no involvement in federal contracts awarded to the firm in recent years.
Australia is removing the monarchy from its bank notes. The nation's new $5 bill will feature an Indigenous design rather than an image of King Charles III. But the king is still expected to appear on coins that currently bear the image of the late Queen Elizabeth II.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall robbery.
When the opera 'La Flambeau' premieres next week in Montreal, Black performers will be front and centre in an artistic medium where they have historically been under-represented.
A suicide bomber who killed 101 people at a mosque in northwest Pakistan this week had disguised himself in a police uniform and did not raise suspicion among guards, the provincial police chief said on Thursday.
Top European Union officials arrived in Kyiv on Thursday for talks with Ukrainian officials as rescue crews dug through the rubble of an apartment building in eastern Ukraine struck by a Russian missile, killing at least three people and wounding about 20 others.
A new 911 dispatch system in New Brunswick means that now fire departments aren’t getting dispatched to all medical calls leaving residents waiting and first responders in the dark.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall robbery.
After an extremely mild month of January, the province is bracing for a blast of arctic air that will move in tonight and last until Saturday. Environment and Climate Change Canada has issued extreme cold warnings that covers most of the province with wind chills expected to be between -38 and -42 across the South and -50 across Northern Quebec.
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A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall robbery.
Wiarton Willie has predicted an early spring! The groundhog in South Bruce Peninsula didn't see his shadow at 8:07 a.m. on Thursday morning, meaning sprin gis on the way.
Bostwick Road has reopened following a serious crash on Wednesday evening. Around 7:20 p.m., emergency crews responded to the scene in south London for the incident involving two vehicles.
The organization regulating medical care and services in Manitoba is apologizing for racism directed towards Indigenous people when accessing health care in the province.
A gay man is taking the federal government to court, challenging the constitutionality of a policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned.
Wiarton Willie made his prediction his spring prediction Thursday morning at 8:07 a.m. The groundhog did not see his shadow, meaning we could get an early spring.
A hearing is underway to determine if Udo Haan is not criminally responsible for the death of his wife Edra Haan, who was found in the aftermath of the 2018 house explosion in Kitchener, Ont.
Calgary police are looking for suspects involved in an altercation that lasted for approximately an hour, spanned several communities and ended with a gun being fired.
Tsuut'ina Nation Police Service officials are encouraging any local victims to come forward following the arrest of actor Nathan Lee Chasing Horse in Las Vegas on sex assault charges.
A large crowd of around 700 students, faculty members and Lethbridge residents came out on Wednesday to protest a planned speech by Frances Widdowson at the University of Lethbridge that didn't take place.
A gay man is taking the federal government to court, challenging the constitutionality of a policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned.
B.C.'s Ministry of Health is continuing its multi-year trend of paying millions more dollars each year to private surgical centres for the delivery of public health care, CTV News has learned.
Changes to the amount of time the public gets to voice their opinion during Surrey City Council meetings has caused controversy among former councillors.
