Bank of Canada Rate Hike Drives Twice as Many Canadians to Shop for Mortgage Rates on Hardbacon.ca
Industry: Apps & Software
Twice as many Canadiens are using Hardbacon’s mortgage rate comparison tool in 2022 since January, compared to the same time period in 2021
Montreal, Quebec (PRUnderground) July 13th, 2022
The Bank of Canada first started raising interest rates in 2022, to no avail to anyone who recently invested in the country’s red-hot real estate market or who hope to with borrowed money.
According to new data from Hardbacon – a personal finance application used by more than 39,000 Canadians – the increase has driven twice as many Canadians to use its mortgage rate comparison tool in 2022 since January, compared to the same time period in 2021. The interest rate hike has equally pushed more Canadians to shop for other kinds of financial products in an effort to make long term savings.
The Montreal-based company helps Canadians make everyday savings by allowing them to shop for the financial products that best fit their needs. To get there, they offer a comparison tool that allows Canadians to compare and shop for the best mortgage rates, as well as credit cards, savings accounts, personal loans and more.
The latest rate increase is expected Wednesday and represents the fourth increase this year, following hikes between March and June. Previously, the Bank of Canada increased its key interest rate by 50 basis points on June 1, 2022, bringing the central bank’s policy rate to 1.50%. Prior to that, it increased its interest rate on April 13, 2022 and March 2, 2022 by 50 basis points and 25 basis points, respectively.
At the beginning of the year, the policy rate was just 0.50%. Looking ahead, analysts predict there could be two more hikes before the end of the year. In turn, more Canadians are turning to tools like Hardbacon to compare rates.
“The recent increases in borrowing costs from the Bank of Canada are understandably hard on consumers who have dreams of homeownership,” said Hardbacon CEO, Julien Brault. “With Hardbacon, we’re happy to see that we are making it easy and convenient for Canadians to compare the best rates to reach their goals in the real estate market and beyond.”
Hardbacon’s comparison tool to help Canadians shop for the best mortgage rate is available at https://hardbacon.ca/en/compare/mortgages.
About Hardbacon
Hardbacon helps Canadians plan, budget and invest, while also enabling users to compare different financial services such as credit cards, bank accounts, online brokers, robo-advisors, mortgages and crypto exchanges. Hardbacon is available for download in the App Store and Google Play Store.
