Bank of Canada Could Raise Rates on Oct 28: What It Costs You Per Month

Canada lost 68,000 jobs in September, yet the Bank of Canada may still raise interest rates on October 28. Why is the Bank stuck, and what could a quarter-point hike cost your variable mortgage, line of credit, or next renewal? In this video, we break down both sides of the debate, the two reports to watch on Monday, October 19, and a simple checklist to prepare before decision day. Chapters: 0:00 Jobs fall, rates might rise? 0:20 Where the Bank of Canada rate stands 0:52 Why a hike is possible (inflation) 1:36 Why a hike is risky (jobs) 2:26 Two reports to watch Monday 3:06 What a hike could cost you 4:09 What about fixed rates? 4:44 Three scenarios: hold, hike, cut 5:27 What to do this week 6:05 Final thoughts Question for you: hike or hold on October 28? Tell me in the comments. This video is for general information only and is not financial, mortgage, or investment advice. Numbers are approximate examples and your own payment depends on your lender and contract. Talk to a licensed mortgage professional about your situation. #BankOfCanada #MortgageRates #CanadianEconomy #InterestRates #CanadaFinance #PersonalFinanceCanada