The Bank of Canada Cuts interest rate AGAIN!!!

January 22nd, 2009

The year was 1958 and the rate was 1.12%…just imagine if we had those rates in today’s markets.
The bad news is we don’t :(
The GOOD news is we have better then those rates :)

The bank of Canada has taken another aggressive move and has lowered the over night lending rate to 1%. We haven’t seen rates this low in over 50 years. This over night lending rate is what the Bank of Canada charges the charted banks to lend money (think TD, CIBC, BMO etc). The charted banks then add to this rate to come up with their “prime rate”

Traditionally when this happens, the banks follow and lower their rates. Across the board many banks cut their variable mortgage to 3% from 3.5%.

With housing inventory increasing and mortgage rates decreasing, this may be a perfect time to start looking for your dream home. Stop paying rent and start paying yourself.

Contact me today for more information on how I can help you find your next place.