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Posted On Oct 23, 2024

Bank of Canada Slashes Rates!

What You Need to Know:

The Bank of Canada has lowered its benchmark interest rate by 0.50%. This is the fourth rate drop this year. 

What Does This Mean for You?

If you have a variable rate mortgage or line of credit, you’re about to see lower payments and more money in your pocket. Here’s how:
  • The Bank of Canada’s rate cut means your bank will lower its Prime Rate, which directly affects variable rate mortgages and lines of credit.
  • Fixed mortgage rates aren’t directly impacted by this change.

How Much Will You Save?

For every $100,000 borrowed, a 0.25% rate cut means you save about $15 per month. If you have a $400,000 loan, that’s an extra $60 (approx) in your pocket each month!

What About Fixed Rates?

Fixed and variable rates work differently. While this rate cut won’t reduce fixed rates by 0.50%, we might see slight changes in fixed rates before or after the Bank of Canada’s announcements.
 
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