Tag: Rate decrease
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The Bank of Canada Cuts It`s Policy Rate By another 50 Basis Points
The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%.Today’s move will take the prime rate down 50 bps to 5.45% effective tomorrow, reducing floating rate mortgage loan rates by a half point, easing the cost of borrowing and reducing the monthly payment increase for renewals. This should spark… Read more
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Bank of Canada reduces Policy Rate by 25 bps
Great news today as Bank of Canada reduces Policy Rate by 25 bps, from 5% to 4.75%. This should result in Lenders reducing their Prime Rate by 25 bps to 6.95 in the next day or so. This is good news as it gives the Bank of Canada confidence that they can reduce our rates… Read more