Rising interest rates across Canada will burden Canadians to borrow money for housing and make many other debt-based purchases. Read more below to find out why immigration could be the solution.

On 26 October, the Bank of Canada (BoC) increased the policy interest rate by 50 basis points, to 3.75%.

2024 has been a year of consistent interest rate hikes, as the BoC has been raising its policy interest rate throughout the year in an effort to aggressively combat inflation in Canada. Initially, when first reported on January 26, the BoC’s policy interest rate for the beginning of the year was 0.25%. Since then, the rate has increased by at least 25 basis points with each increase.