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Bank of Canada brings Canadian families to their knees

TORONTO – The Bank of Canada’s one percent interest rate hike on Wednesday took many by surprise (the institute had predicted a lower increase) and is likely to have a major financial impact for many Canadians. Also an economist, finally, says it. “It will have an immediate and rather dramatic effect on loan costs for many people,” Stephen Brown, a senior Canadian economist at Capital Economics, told CTV‘s “Your Morning” today, stating what everyone knows but few say openly: Canadian central bank interest rate hike raises mortgage and loan repayments: it’s so obvious.  (more…)