The Bank of Canada made a significant move today, cutting its key interest rate by 0.50%, bringing the policy rate down to 3.75%. This is the largest rate cut we’ve seen since the 2009 financial crisis (outside of COVID times) and marks the fourth consecutive rate reduction since June.
With inflation now below the Bank’s target at 1.6%, and growth slowing in the economy, more rate cuts could be on the horizon. This is great news if you have a variable-rate mortgage or are nearing your mortgage renewal, as it could lead to lower borrowing costs and monthly payments.
If you currently have a pre-approval, now is a great time to check in! This rate cut increases your purchasing power, which means you might be able to afford more home for the same budget.
If you’d like to discuss how this might affect your mortgage or any upcoming decisions, feel free to reach out. I’m happy to help!
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.
Terms |
Posted Rates |
Our Rates |
1 YEAR |
8.04% |
6.14% |
2 YEARS |
7.64% |
5.34% |
3 YEARS |
7.24% |
4.49% |
4 YEARS |
7.04% |
4.59% |
5 YEARS |
7.04% |
4.29% |
7 YEARS |
7.20% |
5.35% |
10 YEARS |
7.69% |
5.75% |
Insured mortgage rates, subject to change. Conventional and refinance rates may be higher.
Some rates may not be available in all provinces. Consult a local Mortgage Intelligence professional for more information. OAC. E&EO
Prime Rate |
6.45% |
5 yr variable |
5.50% |
Crunch the numbers and explore different scenarios with our website calculators.
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