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Bank of Canada hikes key interest rate to 1.5%, impact on small businesses just beginning

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Stephanie Haughton is a mother of two and runs her photography studio from home. She takes clients when her 3-year-old is at daycare and while her newborn naps.

Today’s rate hike means her mortgage payments are going up by more than a hundred dollars. That’s similar to what she saw after the rate increase in April.

“As a small business owner that can hurt if I don’t have a busy month,” Haughton says.

Rate hikes and the expectation of more to come have already had a cooling effect on the housing market, but the impact on small businesses has just begun.

Anne Gaviola explains.

For more info, please go to https://globalnews.ca/news/8883112/bank-of-canada-june-1-decision/

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Category
U.S. & Canada
Tags
global news, Bank of Canada hikes key interest rate, BoC Interest rate hike
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