He’s used to passing on a deal offered in the Shark Tank, America’s version of Dragon’s Den, but Kevin O’Leary would also have said “I’m out” to Stephen Poloz’s interest rate cut. The multi-millionaire chairman of the O’Leary Financial Group believes the Bank of Canada has made a “big mistake” in cutting the rate to 0.5 per cent. Speaking on Canada AM he said that there are “systemic problems” in the economy which will not be fixed by the cut and that investor confidence will be damaged by it as it signals to the world “that we have a weak economy.” O’Leary says that weakness in the Chinese, US and European economies are the big issues and that falling job creation and wage inflation in Canada won’t be solved with lower interest rates.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: