Do you have debt? Here is how the interest rate hike will affect you
Those with debts or mortgages will face a significant impact as a result of the interest rate hike in Canada, one expert says.
In the largest single interest rate in nearly 25 years, the Bank of Canada is raising the rate a full percentage point to 2.5 per cent.
"If you have debt, specifically variable interest rate loans here, this is going to be significant for you. Your payments will be going up quite significantly," Colin Sabourin, an investment advisor with Harbourfront Wealth Management, said in an interview with CTV's Maralee Caruso.
Watch the full interview with Colin to hear more how the interest rate will impact you, and when Canadians may see some relief.
CTVNews.ca Top Stories
BREAKING
BREAKING Donald Trump picks former U.S. congressman Pete Hoekstra as ambassador to Canada
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
Genetic evidence backs up COVID-19 origin theory that pandemic started in seafood market
A group of researchers say they have more evidence to suggest the COVID-19 pandemic started in a Chinese seafood market where it spread from infected animals to humans. The evidence is laid out in a recent study published in Cell, a scientific journal, nearly five years after the first known COVID-19 outbreak.
This is how much money you need to make to buy a house in Canada's largest cities
The average salary needed to buy a home keeps inching down in cities across Canada, according to the latest data.
'My two daughters were sleeping': London Ont. family in shock after their home riddled with gunfire
A London father and son they’re shocked and confused after their home was riddled with bullets while young children were sleeping inside.
Smuggler arrested with 300 tarantulas strapped to his body
Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Boissonnault out of cabinet to 'focus on clearing the allegations,' Trudeau announces
Prime Minister Justin Trudeau has announced embattled minister Randy Boissonnault is out of cabinet.
Baby dies after being reported missing in midtown Toronto: police
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
Sask. woman who refused to provide breath sample did not break the law, court finds
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
Parole board reverses decision and will allow families of Paul Bernardo's victims to attend upcoming parole hearing in person
The families of the victims of Paul Bernardo will be allowed to attend the serial killer’s upcoming parole hearing in person, the Parole Board of Canada (PBC) says.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Regina
-
Former Sask. Party MLA Greg Lawrence pleads guilty in assault case
Former Saskatchewan Party MLA Greg Lawrence has been sentenced to 12 months probation – after pleading guilty to one count of assault.
-
Sask. woman who refused to provide breath sample did not break the law, court finds
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
-
Winter storm creates treacherous driving conditions in Regina and around southern Sask.
Many commuters in and outside of Regina are facing tough driving conditions Wednesday morning following a significant snowfall on Tuesday that has closed highways and snarled traffic on many of the city's main throughfares.
Saskatoon
-
Saskatchewan teen still recovering in hospital after being set on fire at school
A 15-year-old girl who was set on fire at a Saskatoon high school earlier this fall is still recovering in hospital.
-
Saskatoon teen pleads guilty in high-speed crash that killed 16-year-old
A Saskatoon teen accused of driving a car involved in a high-speed crash that killed a 16-year-old last spring has pleaded guilty to his charges.
-
Former Sask. Party MLA Greg Lawrence pleads guilty in assault case
Former Saskatchewan Party MLA Greg Lawrence has been sentenced to 12 months probation – after pleading guilty to one count of assault.
Edmonton
-
Canada Post strike double-edged sword for local businesses
As we head into the holiday season, one Edmonton small business owner says she's shutting down online orders – something not all businesses may be able to do
-
Former PM Stephen Harper appointed to oversee Alberta's $160B AIMCo fund manager
Former prime minister Stephen Harper is the new chairman of the Alberta Investment Management Corporation, or AIMCo, which oversees more than $160 billion in funds, including pension funds and the Heritage Savings Trust Fund.
-
Edmonton police chief to step down in February
Dale McFee will retire as head of the Edmonton Police Service (EPS) on Feb. 21, the Edmonton Police Commission said in an email on Wednesday.
Calgary
-
Calgary gorilla died after being hit by a door: officials
The Calgary Zoo says its two-year-old western lowland gorilla named Eyare died after being hit by a hydraulic door at the rear of the exhibit.
-
‘She’s an entertainer through and through’: 100-year-old Calendar Girl steals the show in Nanton
There is quite the buzz around the small southern Alberta town of Nanton over its fall stage production, and for more reasons than one.
-
Police investigating Hillhurst fire they believe was deliberately set
Calgary police are seeking public assistance in relation to a Tuesday fire in Hillhurst that they believe was deliberately set.
Toronto
-
Baby dies after being reported missing in midtown Toronto: police
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
-
Markham man agrees to remove backyard hockey rink after years-long faceoff with city, neighbours
A Markham hockey buff who built a massive backyard ice rink without permissions or permits has reluctantly agreed to remove the sprawling surface, following a years-long dispute with the city and his neighbours.
-
Toronto moving to install side guards on its heavy trucks to reduce pedestrian and cyclist deaths
Toronto is looking to retrofit its heavy-duty vehicles with side guards in an effort to reduce pedestrian deaths.
Ottawa
-
TransitNext submits ‘substantial completion notice’ for Trillium Line
The consortium responsible for building Ottawa's new north-south line, TransitNext, says it is ready for the City of Ottawa to begin the final phase of approvals before opening the line to the public.
-
Here's where 39 photo radar cameras will be installed in Ottawa over the next 14 months
Thirty-nine new photo radar cameras will be installed to keep an eye on Ottawa roads over the next 14 months, including on roads in the rural villages of Dunrobin, Manotick, Richmond and Vars.
-
High-end fitness gym Altea Ottawa opens on Wednesday
One of Canada's premier high-end gym chains is set to open in Ottawa on Wednesday.
Montreal
-
Sante Quebec extends transition period for dual-job health care workers
Facing criticism for requiring health care workers with two jobs within the public system to choose one to comply with labour laws, Santé Québec has announced a one-year extension to the transition period.
-
Family forced to leave home for STM's new ventilation station
A family in Rosemont-La-Petite-Patrie is facing an emotional upheaval as the STM moves forward with expropriating their home for a new mechanical ventilation station to serve the Orange Line.
-
Couple faces trial for alleged kidnapping and assault of teen over prank
A Saint-Sauveur couple was back in court on Wednesday, accused of attacking a teenager over a prank.
Atlantic
-
School bus hits vehicles, pushes one into home in Middle Sackville, N.S.
A school bus hit parked vehicles and pushed one into a Middle Sackville, N.S., home Wednesday afternoon.
-
N.S. teen caught on video driving close to 200 km/h, holding liquor: Yarmouth RCMP
A 19-year-old is facing charges after video of him allegedly driving close to 200 km/h while holding alcohol was shared on social media in the Yarmouth, N.S., area.
-
Police search for N.S. man wanted on provincewide warrant
The RCMP in Nova Scotia is searching for a man wanted on a provincewide warrant following an incident in North Preston.
Vancouver
-
BC Hydro reports 'extensive damage' from bomb cyclone that left 300,000 in the dark
Several thousand British Columbians remain in the dark Wednesday morning after a windstorm known as a bomb cyclone slammed coastal communities.
-
EXCLUSIVE
EXCLUSIVE UBC investigating instructor following leaked audio of anti-Israel rant
A UBC instructor is facing backlash following the release of a 12-minute audio file from a lecture she gave on Sept. 18.
-
Near-record gusts knock out power to 150K Vancouver Island customers; BC Hydro brings in reinforcements from mainland
The clean up was well underway Wednesday on Vancouver Island after a night of chaos.
Vancouver Island
-
Near-record gusts knock out power to 150K Vancouver Island customers; BC Hydro brings in reinforcements from mainland
The clean up was well underway Wednesday on Vancouver Island after a night of chaos.
-
BC Hydro reports 'extensive damage' from bomb cyclone that left 300,000 in the dark
Several thousand British Columbians remain in the dark Wednesday morning after a windstorm known as a bomb cyclone slammed coastal communities.
-
1 unaccounted for after Nanaimo house fire, police say
One person is unaccounted for after a fire that destroyed a home in Nanaimo's south end Wednesday morning.
Kelowna
-
Man in hospital following targeted shooting in Kamloops
Police are appealing for information on a targeted shooting that resulted in the hospitalization of a man in Kamloops.
-
Police cleared of fault in fatal 2023 crash in B.C.'s Interior
British Columbia's independent police watchdog has cleared officers of wrongdoing in a crash where three people were killed south of Kamloops in July of last year.
-
B.C. woman sentenced for stealing $14K in funds raised for schoolkids
A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.
N.L.
-
Canadian leads group pushing Vatican for zero-tolerance policy on abuse by clergy
An international group led by a Canadian is in Rome this week to push the Catholic Church to adopt a zero-tolerance policy on abuse by clergy.
-
Newfoundland wind-to-hydrogen company eyes data centre as international market lags
A company hoping to build a multi-billion-dollar wind-to-hydrogen project in western Newfoundland is eyeing other options as Canada's plans to supply Europe with green energy have not yet materialized.
-
Seniors face unique hurdles in finding love. These Canadians want to help.
The four women sipping tea around an antique wooden table in rural Newfoundland said they weren't looking for much in a mate: kindness, humour, a good sense of fun and, ideally, a full set of teeth.
Northern Ontario
-
Unattended cooking to blame for North Bay house fire, landlord fined
The owner at a North Bay rental home has been fined and seven people displaced after a kitchen fire Tuesday.
-
Sudbury ponders options to fix crumbling College Street underpass, city's oldest bridge
Next week, Sudbury city council will decide how to rehabilitate the College Street underpass, which was built in 1949.
-
Swiftie's friendship bracelet beads confiscated at Calgary airport
A Canadian Taylor Swift fan has some 'Bad Blood' with the Calgary International Airport after security staff confiscated hundreds of dollars worth of beads she was going to use to make friendship bracelets.
Barrie
-
Possible explosives found inside RV after 16 hour standoff in Barrie, Ont. parking lot
Several apparent homemade explosive devices were found inside an RV where an allegedly armed man had barricaded himself for 16 hours, forcing evacuations in the north end of Barrie, police said.
-
Coalition of councillors oppose use of notwithstanding clause to deal with encampments
Weeks after more than a dozen mayors, including Barrie mayor Alex Nuttall, signed a letter to Premier Doug Ford asking him to consider using the notwithstanding clause as cities struggle with how to handle growing encampments, a coalition of councillors are speaking out against its potential use.
-
Winter patios coming to downtown Barrie
With some milder winters in recent years Barrie city councillors are exploring if there's an appetite to dine outdoors in the coldest months of the year.
Kitchener
-
Man who stabbed ex-girlfriend and police officer will soon be out on statutory release
A man who plead guilty to a double stabbing in 2015 will soon be out on statutory release, but he'll have to follow some strict conditions set out by the parole board.
-
Pricey WRPS budget sparks hours-long debate with regional councillors
The Waterloo Regional Police Service presented their 2025 budget, totaling $252.5 million, to the Region of Waterloo’s Strategic Planning and Budget Committee on Wednesday morning.
-
Parole board reverses decision and will allow families of Paul Bernardo's victims to attend upcoming parole hearing in person
The families of the victims of Paul Bernardo will be allowed to attend the serial killer’s upcoming parole hearing in person, the Parole Board of Canada (PBC) says.
London
-
'My two daughters were sleeping': London Ont. family in shock after their home riddled with gunfire
A London father and son they’re shocked and confused after their home was riddled with bullets while young children were sleeping inside.
-
'They were pausing it': One of the largest alcoholic beverage companies in the world has put a hold on a St. Clair Township plant
They were raising a glass to a new business in St. Clair Township, but now it appears the cap has to go back on the bottle.
-
'A slap in the face': Defence wants three years for man who killed 11-year-old St. Thomas boy while driving impaired
Back in July, Nicolas Lemke plead guilty to impaired driving causing the death of Aiden Curtis, and impaired driving causing bodily harm to two other adults who were injured.
