Albertans feeling the pinch as Bank of Canada hikes key interest rate
, nearly seven in ten people in Alberta say they are already feeling the effects of interest rate increases and one-third are cutting back on essentials such as food, utilities and housing.
“When was the last time we did it? And it’s probably not looking the same with the rising interest and rising costs of everything.”Nichola Tremblay and her husband own a home in St. Albert. She is a full-time nurse, her husband works three jobs and they have three kids.They have a variable rate mortgage and Tremblay said their payments will likely increase.
“City taxes have gone up, utilities have gone up, obviously our wages are not going up. There are things we have to cut back on as a family of five to accommodate keeping a roof over our head.” “They want reassure that ‘OK what does this mean with my rate increase? How much are my payments going to go up? Should I lock in?,” Borle said.
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