Happening NOW: Interest rates, simplified.
An interest rate is the “price” a lender charges a borrower for a loan. Just like a pair of jeans at your favorite store, every loan has a price tag. That price tag is the interest rate. But instead of dollars and cents, the price of borrowing a sum of money is a percentage of the total amount borrowed.
Interest rates rise and fall daily based on loan type (rates are typically lower for shorter-term loans), what the government is doing (the Bank of Canada), and, yes, inflation.
Wanna run the numbers to see what you could afford this January, or have other questions about buying or selling? DM us! We’d love to hear from you.
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