The Bank of Canada lowered its benchmark overnight rate by 50-basis points to 3.75 per cent on Wednesday, marking the biggest reduction in borrowing costs since March 2020 and what could be a much-needed boost for Alberta's economy.
The Bank of Canada lowered its benchmark overnight rate by 50-basis points to 3.75 per cent on Wednesday, marking the biggest reduction in borrowing costs since March 2020 and what could be a much-needed boost for Alberta's economy.
"Price levels are much higher than they used to be and we do see a wave of mortgage renewals over the next two years at higher interest rates than before, but overall, it's an important chapter in the battle against inflation."The information you need to know, sent directly to you: Download the CTV News App
"It will be great to the payments down a little bit and put more towards the actual debt versus the interest," she said. "Buyers are worried about moving ahead before the market bottoms out. The problem is that no one can accurately predict when that will happen.Tran adds that it's likely that an uptick in pre-approvals for mortgages will follow this announcement and that a significant uptick in sales activity and home prices could signal that they must move now or miss their chance.
That point was underscored by senior deputy governor of the central bank Carolyn Rogers when pressed on how Canadians aren't necessarily feeling like their finances are doing better, despite this fourth straight rate cut. The central bank also notes financial conditions across the world have eased and global oil prices are about ten dollars lower than predicted in the July monetary policy report.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.RCMP say threat against Yorkton Regional High School 'not credible'
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