Why do my groceries cost more than last year?

The answer is inflation, and the Bank of Canada has been consistently raising interest rates to try to slow down inflation, but inflation continues to be an issue. Food prices have increased by over 11% from last year and Canadians are struggling to afford to feed their families. In addition, the raising interest rates are putting stress on a lot of Canadians with a variable rate mortgage, with some Canadians seeing their monthly payment increase by 100s if not 1000s of dollars! While it was my belief that the Bank of Canada would pause rate hikes in 2023, I am no longer confident it will happen.

Fixed mortgage rates have actually come down recently and we can hold a rate for up to 120 days. This means if there is another rate hike in the next 120 days, you can lock into the lower fixed rate we have held for you. It is a great option for anyone with a variable rate and can provide some peace of mind over the next 4 months!

If you would like to read more about inflation in Canada, check out this article.

https://dominionlending.ca/economic-insights/canadian-inflation-disappointingly-high-in-november