Macklem Warns Canadian Homeowners: Lock in Fixed Rates Before October 28 Interest Rate Hike

The Bank of Canada's Governor, Tiff Macklem, has assured Canadians that the central bank will not be 'too slow' to raise interest rates. In a recent statement, Macklem emphasized the need for timely action in addressing inflationary pressures.

With interest rate hikes looming on October 28, Canadian homeowners with variable-rate mortgages are advised to review their options and consider locking in fixed rates before the deadline. This move could help shield them from potential increases in borrowing costs.