As anticipated, rates are being slashed by half of a percentage from 4.25 per cent to 3.75 per cent.
The cut is the fourth consecutive one since June and the largest since the start of the COVID-19 pandemic.
Michelle Scheibel, with Rampone-Marsh Mortgages, said the cut will translate into significant savings for some. “This will take time to wind its way through the financial system and adjust interest rates and mortgages, and then it’ll take some time for buyers and sellers to, you know, to see those results.”
Bank Of Canada Canada Inflation Interest Rate Cut Canada
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