Even as Bank of Canada became the first major global central bank this month to pause raising interest rates after its most aggressive tightening campaign in history, Canadians are in no rush to open their purse strings
But with the benchmark rate still at a 15-year high of 4.5% and borrowing costs expected to stay higher for longer, Canadians are in no rush to open their purse strings. Many are planning to save instead, a habit they acquired during the pandemic.
As an immigrant, he has clear priorities. "Our mentality over here is definitely saving up in order to survive," he said. Canadians are sitting on about C$350 billion in excess savings generated during the pandemic, RBC economist Carrie Freestone estimated. While it is unclear what part of that has been deployed, that kitty will help Canada to avoid a deep recession, she noted.
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