After a busy week (for me at least) here are some highlights from this week in finances in Canada
- Canadian Interest Rates have gone up. The bank of Canada up’ed their overnight rate by 1/4% and said there might be another one soon (but no long term trend predicted either). I think the strong Canadian dollar is stopping any whole sale rate increases. (rate is 4.5%)
- The Bank of Canada also says that their inflation goals for the coming year are higher as well, their web site currently says their target is 2.2% inflation, but now the CBC is saying their new target is 2.5% .
- New housing prices increased for the slowest rate in a while last month (which is a large inflationary factor), the increase year over year for May is only 8.6% but in April the rate was 8.9% (year over year) so that is a decrease in the increase, which is kind of good. Again Saskatchewan and Alberta led the way with the price increases (but not as high as they have been).
- The Canadian dollar sits at 95 cents to the American dollar, which is mighty strong, with predictions of it overtaking it’s Yankee cousin before the new year? Wow.
Have a good weekend all.