Wed Jul 12, 2023 – 7:53 pm EDT
OTTAWA (LifeSiteNews) – Many Canadians will soon be hit with higher mortgage costs after Canada’s central bank hiked its key lending interest rate to 5 percent on Wednesday, the highest it has been since 2001 in what is in reality a response to massive federal government spending.
According to the Bank of Canada (BoC), inflation is above its target rate of 3 percent, which prompted the increase. This is the 10th increase in 16 months and will hit Canadian families hard in the pocketbook.
The federal government of Prime Minister Justin Trudeau tried to downplay the hike in interest rates on Wednesday, claiming that some of its recent rebate programs will help offset higher mortgage costs.
The reality is these programs, a recent increase in a GST rebate and its Climate Action rebate, are only a few hundred dollars for individuals and families once every four months.
The rate hike was immediately blasted by Conservative Party of Canada leader Pierre Poilievre.
“Trudeau’s policies force another rate hike. After Trudeau told Canadians debt was harmless, families are hit with another interest rate uppercut,” he tweeted Wednesday.
“Trudeau’s taxes &
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