Higher rates equal day of opportunity for the savvy saver
 
There’s little doubt interest rates will be heading higher. And with that, as CTV News’ Chief Financial Commentator Pattie Lovett-Reid writes, comes a lot of chatter around a day of reckoning for so many who have been living close to the margin. “This ‘K’ shaped recovery has divided Canadians into savers and spenders,” Lovett-Reid states in her latest column for BNN Bloomberg.
 
Data shows opposing debt picture in Canada
 
Following months of instability brought on by the COVID-19 pandemic, data from BDO Debt Solutions is telling a socio-economic tale of two very different types of Canadians and calling it “a story of the haves and have-nots.” The annual BDO Affordability Index found 43 per cent of polled Canadians have accrued additional debt due to the pandemic. But, the report also found, some Canadians have actually been saving more than ever before.
 
Canadians plan to spend more this holiday season: Survey
 
Canadians are planning to spend more this holiday season and are eager to return to stores instead of shopping online, a survey conducted by the Retail Council of Canada has found. “Canadians are ready to put the disruption of COVID behind them and are looking forward to returning to brick-and-mortar stores,” Retail Council of Canada CEO Diane Brisebois said.
 
Many Canadians report difficulty feeding their family: Poll
 
The rising cost of goods is taking its toll on Canadian households. Nearly half of respondents to a recent survey conducted by the Angus Reid Institute said they are currently experiencing some difficulty covering their grocery bill. Thirty-seven per cent of those polled said it’s been “difficult” to afford enough food to feed their household during the pandemic and nine per cent said it’s been “very difficult.”
 
Expert warns on variable mortgage rate risks
 
While it might be tempting for homebuyers to choose a cheaper variable mortgage rate compared to a fixed rate right now, one expert is warning that those buyers might be “rolling the dice.” Rob McLister, a mortgage columnist with The Globe and Mail, made that comment during an interview with BNN Bloomberg this week, adding this would especially be the case if the Bank of Canada is forced to hike its benchmark interest rate sooner than expected.
 

Tip Jar
 

“I think the Bank of Canada might be forced to act more aggressively than a lot of people are expecting – and that 75- to 100-basis point advantage in a variable rate can disappear very quick.” – Rob McLister, mortgage columnist with The Globe and Mail.