This morning, the Bank of Canada announced a reduction in its policy interest rate to 2.75%, marking a decrease of 25 basis points (0.25%). As a result, most lenders are expected to lower their prime lending rate from 5.20% to 4.95%.
This decision is a positive development for those with Variable or Adjustable Mortgage rates. Borrowers can expect a reduction in their mortgage payments or an increase in the portion of their payments that goes towards the principal rather than interest. Additionally, Home Equity Lines of Credit and personal lines of credit will also benefit from the lower rates.
The next Bank of Canada rate announcement is scheduled for April 16, 2025.
For any assistance or questions related to your mortgage, please do not hesitate to contact me. I am always available to help.
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