As the Bank of Canada announced it’s slashed its key interest rate a half a percentage point, CKDM reached out to a financial expert to better understand what impact that has on the average Manitoban.
Gerry Wieler with Fusion Credit Union in Dauphin says it will affect some people in a good way.
“Probably most Manitobans are going to be affected. Half in a good way, and half maybe in a bit of a difficult way. For people borrowing, it makes money a little bit cheaper.”
Wieler adds that the Canadian economy has been stable overall and that when rates drop like this, people with debt can pay it off a little bit quicker.
“It makes housing a bit more affordable. People looking at the housing market might qualify for a better house price, or their cost for buying that house will be a little bit less in the future.”
Fusion Credit Union provides all banking services from deposits to loans, to chequing accounts, term deposits, and investment advice.
