Bank of Canada slashes key interest rate!
March 5, 2020 | Posted by: Natalie Wellings
If you have not already heard, the Bank of Canada announced a 0.5% rate drop early yesterday! This affects the prime lending rate which is used for variable rate mortgages (not fixed ones). The bank is citing coronavirus concerns for the move. Variable rate holders have been waiting for a drop for quite some time. This is great news for the spring market! Fixed rates are also going down because of coronavirus concerns so this is a win for consumers. Now is the time to get pre-approved!