Rate hike: Impact on Quebec families

The new 1% rate hike announced by the Bank of Canada on Wednesday will impact Quebec households.

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Already, families are changing their lifestyles and reviewing vacation plans to reduce spending.

This is why Philipe Laprade and Mylène Boileau have decided to go camping this summer.

“We wanted to be able to vacation for a longer period of time. Things just don’t look good in the hotel, and when it comes to food, we can’t afford to eat in the restaurant every day,” explains Ms. Boileau.

The young couple, who claim to have a good financial situation, must also pay special attention to their daily expenses.

“A trip as simple as going to the zoo or the cinema costs a lot more, so you have more choices to make than you used to,” says Mr Laprade.

“I don’t even understand how young couples can happen. We have a good job, a good salary and we expect our wages,” adds his wife.

The economic situation makes them fear the worst for the future.

“It’s scary. We’re going to have to work with our walkers, I think,” says Ms. Boileau.

“We never counted, we had two good salaries, so we didn’t count, we bought treats. But now we count,” said Linda Comeau, who wants to save money to continue spoiling her grandchildren.

Another couple this year chose to rent a vacation home close to home instead of using their recreational vehicle. This is not his only victim.

“Go play golf, whether it’s for business, I cut that. I might go there once a year,” says Darry Murray.

“We canceled a trip we were supposed to do in the spring. We were supposed to go to Alaska and we totally gave up because of the price of oil,” adds his wife Diane Dargis.

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