Posted On Jun 06, 2024

Good news!! As was anticipated, the Bank of Canada lowered its benchmark interest rate by 0.25% (25 bps), bringing it to 4.75%. 

What Does This Mean for You? 

If you have a variable rate mortgage or line of credit, this reduction directly affects your interest rate. Your rate will decrease by 0.25%, leading to savings of approximately $15 per month for every $100,000 borrowed.

Example:
For a loan amount of $400,000, this translates to a monthly saving of $60.

Please note that fixed mortgage rates are not directly influenced by changes in the Bank of Canada rate.

If you have any questions or need further clarification on how this might affect your specific situation, feel free to reach out.

 
 

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