Mental Health Week- May 6-12

Learn and help the stigma around Mental Health.

Find out more

Don't expect a change in Canada's interest rate anytime soon. The Bank of Canada recently announced they're holding the rate steady at 1.75 percent.

Access Credit Union's President and CEO Larry Davey explains the recent slowdown of the global economy and trade tension between the U.S and China also kept the bank from raising its key rate in December after raising the rate in October last year.

"This pause could likely be here for a while," he says. However, he predicts rates could increase closer to July.

Since 2017, the lending rate has risen from 0.5 percent to 1.75 percent in five separate hikes.

The Bank of Canada actively works to combat the effects of inflation using interest rates to reduce or encourage how much money Canadians borrow. A rate increase of 1.00 percent could make the difference of more than $200 in monthly mortgage payments (on a $500,000 mortgage amortized over 25 years.)

"As things get better and better in the economy they look to just keep it at around a certain level, by raising rates they can slow it down a bit," Davey explains. "And then if the economy slows too much you start to see rates drop off to spark a jump in the economy."

More Local News

Entrepreneurial Excellence Celebrated in Altona

Business excellence was in the spotlight Thursday evening as the Altona and District Chamber of Commerce hosted its annual awards banquet. Taking home the award in the 11 employees or less category…

Altona Honours Outstanding Citizens

A lifetime of service was honoured Thursday night as Melvin Klassen was recognized as the 2018 Citizen of the Year by the Altona and District Chamber of Commerce. Following a 34 year career in…

Leaky Portion Of GVC Roof To Get Replaced

A large portion of the roof at Garden Valley Collegiate in Winkler will be getting replaced. The Public Schools Finance Board (PSFB) has approved a complete removal and replacement of the section of…

PPC Leader Hoping To Tap Into Manitoba Votes

The Leader of the People’s Party of Canada (PPC) was in Brandon on Wednesday drumming up support for his new party. Maxime Bernier left the Conservative Party last year over philosophical and policy…

GVSD Board Releases New Mission Statement

Every four years after an election, Garden Valley School Division trustees take the time to review their mission and belief statements. Board Chair Laurie Dyck says this is done to ensure they are…

Winkler Library Showcases Canadian Film With Bite

In recognition of 100 years of Canadian cinema, South Central Regional Library locations showcased Canadian cinematography for National Canadian Film Day. Jess Martens, a clerk at Winkler Centennial… is your only local source for community news and information such as weather and classifieds.

Search the Biz Guide