Join the HSD Team!

Career opportunities in the Hanover School Division.  View Current

Job Openings...

The Chief Executive Officer at Steinbach Credit Union says consumers can expect higher loan and savings rates after a hike in the Bank of Canada rate Wednesday. The rate was increased by a quarter of a point to 1.5 per cent. Glenn Friesen says the SCU board will meet Thursday to discuss its response.

2018 03 glenn friesen1Glenn Friesen"Likely, we'll be going up with our loan rates but we'll also be increasing our variable savings rates at the same time. So whatever we collect on the loans, we'll actually pass on to our savers."

Friesen adds a quarter point increase on a $100,000 mortgage would work out to $250 per year or $21 per month. He notes the Bank of Canada rate is now at its highest point in ten years but is still relatively low.

"This is the highest it's been since 2008. The long-term average would be somewhere around the four or five per cent mark. We're at 1.5 per cent so we're well below that four or five per cent mark."

Friesen says it's hard to know what will happen with interest rates in the coming months and years because there are so many variables in play. He notes there is always a lag between the implementation of higher rates and the understanding of what that has done to the economy, so it will likely take a while before the Bank of Canada considers any further changes.

"They are talking about rates going up further, but there's no guarantee."

Canada's major banks have all announced an increase of a quarter point in their prime rate to 3.7 per cent, effective Thursday.

 

More Local News

Border Hours Will Be Reduced After All

After hearing from two large crowds of concerned local residents this week, the Canada Border Services Agency has announced it will not reconsider its decision after all. In an email, the CBSA says…
2017 11 ritchot1

Ritchot Calls For Pedestrian Safety Improvements At St. Adolphe

The Mayor of Ritchot says it is time to make safety improvements in St. Adolphe before someone dies. Chris Ewen says there are some major pedestrian safety concerns along Provincial Roads 200 and…

Groening Wants To Succeed Goertzen As AMM President

After serving 3 terms as vice president, R.M. of Morris Reeve Ralph Groening is making a bid to succeed former Steinbach Mayor Chris Goertzen as president of the Association of Manitoba…

First For Funk

It continues to be a month of firsts for Steinbach's new Mayor. Earl Funk was elected Mayor on October 24th. Since then he has attended his first grand opening in Steinbach and today hosted his first…

CBSA Heard From Another Large Crowd In Tolstoi

Residents from the Tolstoi area are pleading the Canada Border Services agency changes its decision to reduce hours come November 26. The CBSA says the hour cuts will affect the ports at South…

RCMP Seek Help Identifying Suspect In Debit Card Theft

The Steinbach RCMP are hoping to jog the memories of local residents as they seek information regarding an incident that took place just over two months ago. Police say a debit card was stolen and…

20-Year-Old Immigration Program A Big Boost To Steinbach

An immigration program that has provided a huge boost to Steinbach and area marked its 20th anniversary Thursday. The Manitoba Provincial Nominee Program has recruited more than 130,000 people to…

Hollywood Actor Filming In Southern Manitoba

A Hollywood actor with roles in Avatar and Hacksaw Ridge will be filming a movie in southeastern Manitoba next week. Sam Worthington is the lead actor in the movie, Fracture. Location Manager Bernie…

Harsh Penalties For Distracted Driving Having Desired Impact

Steinbach RCMP report tougher penalties for distracted driving appear to be working. As of November 1, motorists caught using a portable cell phone while driving receive a three-day suspension of…

Reynolds Administrators Resign Without Reason

The Reeve for the RM Reynolds says they hope to hire new administrators within the next couple of months. RM of Reynolds municipal office in Hadashville Back on October 25th, the day after the…

Full House For Piney Border Meeting

It was standing room only at the Community Centre in Piney Wednesday night. About 200 people were there to voice concerns over reduced hours at Canadian border crossings at Tolstoi, South Junction…

Steinbach Community Foundation Joins 24 Hour Giving Challenge

The Steinbach Community Foundation is holding a 24 Hour Giving Challenge this coming Saturday. Patti Fries is the Steinbach Community Foundation Board Chair. She says they are a sort of umbrella…

Steinbachonline.com is Steinbach's only source for community news and information such as weather and classifieds.

Search the Biz Guide

Login