This morning, the Bank of Canada announced a 0.25% cut to the overnight rate. This will affect the banks prime lending rate, dropping it by 0.25% to a rate of 4.45%. This is the Bank’s second consecutive rate cut, as it continues to respond to softer economic conditions and easing inflation.
What this means for you: If you have a variable-rate mortgage or line of credit, you’ll likely see lower interest costs starting right away.
