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
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