Meet the man with Britain's lowest fuel bill as he drives the world's smallest car, which costs just $9 (Cnd) to fill up.

Alex Orchin, the 5ft 11ins car enthusiast can be seen driving around in his tiny 53 inch long, 39 inch wide and 39 inch high car with a 5 litre gas tank. 

Alex, and eccentric 31 year old avid motoring collector loves driving around in his tiny three-wheeler.

Last year he drove the length of the UK in the car, which has a top speed of just 23mph.

Alex got fixated on this idea of having a P50 just because it was so tiny, but when he saw an original price tag of $131,000, the idea was killed.

Then about 4 years ago he bought one of the newer ones from the Isle of Man as the second owner. He says the car always get attention - it is quite staggering because to Alex, it's just a tiny car.

It much smaller than it appears. You can fit a shopping bag down the left of the car by the handbrake, but nothing else. 

The vehicle was built in 2017, but it based on the original design from the first production models in the 1960's, and in 2010 the model was named the smallest production car ever built in the book of Guinness World Records.

Alex said, "I 've owned a lot of cars and none of them get as much attention as this one. Normally if I pull up in a Morris Minor, it is car  people and enthusiasts that want to come and talk to me. But my Peel P50 attracts absolutely everyone, including people who  aren't interested in cars. They think it's hilarious and children love it! Especially under-ten-year-olds.

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Parents in Poland have left their baby strollers and blankets at railroad stations for the Ukrainian mothers fleeing the war with their babies and newborns.

This is what it's all about. Simply amazing!

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The Bank of Canada raised interest rates last week as expected, including the overnight rate, which is now 0.5%, double the rate seen during public health measures, but still considered a very low rate. Back in 2017 0.5% was considered rock bottom.

Borrowers will feel the impact of the higher overnight rate immdediately, especially those with variable-rate mortgages, or buyers applying today. For every 25 basis point increase to the overnight rate adds roughly 15 basis points to variable-rate mortgage interest.  More clearly, a 15 basis point increase on a mortgage works out to about $7 per $100,000 in mortgage debt. For a typical home in January with 10% down, buyers will pay about $55 more per month. Not exactly earth-shattering, and unlikely to cause defaults. Recently variable-rate mortgages became the majority of borrowing.

One rate hike isn't likely to have a big impact on the market, but we may see many rate hikes coming. The forcast is that the overnight rate will rise to at least 1.50% over the next year.

This might seem like a lot, but it's probably just a path to normalization. Most of us don't remember that dropping from 1.75% to 0.25% was the equivalent of 6 rate cuts in 2020.

Forcasts are not perfect, but this is the pace to curb elevated inflation.

These higher rate may lead to slower home sales and/or growth as buying power adjusts. Fixed rates have been rising for the past year, but failed to slow the market down much. This is largely due to variable rates not following, like they typically do. 

We have been expecting this first rate hike for a year now, since it talkes 18 to 24 months to be fully realized.

Some people argue that higher interest rates will erode affordability, but research from the Bank of Canada shows the lower rates were actually responsible for the decline in affordability. 

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