Bank of Canada quietly signals long-term shift with potential for economic, political upheaval

The end of the low-interest-rate policy sets the stage for widespread household financial stress in 2025 and 2026, when the majority of mortgages are up for renewal.

The new, apparently permanent, financial reality Bank of Canada Governor Tiff Macklem described—and the painful fallout it entails—has the potential to scramble the political outlook, writes Les Whittington. The Hill Times photograph by Andrew Meade

Opinion

BY LES WHITTINGTON

May 24, 2023

OTTAWA—The Bank of Canada quietly made it official that everything has changed for the economy, consumers, business, and most homeowners for the foreseeable future.

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