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Writer's pictureericlyle

Bank of Canada - Rate Cut

Updated: Sep 17

Bank of Canada Cuts Overnight Rate by 0.25%: What It Means for Your Finances

In a widely anticipated move, the Bank of Canada has reduced the overnight rate by 0.25% today, bringing it down to 4.25%. This decision is set to impact various aspects of the Canadian economy, including borrowing costs and savings rates.


Key Changes:

  • Overnight Rate: Reduced to 4.25%

  • Prime Rate: Now at 6.45% with most major banks

  • Variable Rate Mortgages: Approximate rates around 5.30% with standard discounts


Other Notes:

  • The Bank of Canada has hinted that further rate cuts may be on the horizon.

  • Don't expect a major market pick up with this news. It may take until the end if the rate cute cycle for us to see any true uptick in Real Estate transactions


Bank of Canada cuts the overnight rate
Tiff - Press Conference

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