Bank of Canada Reduces Policy rate to 3.25%
In a strategic move aimed at stabilizing the economy, the Bank of Canada has lowered its target for the overnight lending rate to 3.25%, while the Bank Rate is adjusted to 3.5% and the deposit rate remains at 3.25%.
This reduction in the interest rate is expected to have significant implications for mortgage rates, potentially lowering the cost of borrowing for home buyers and those looking to refinance existing mortgages.
As the Bank of Canada continues its balance sheet normalization policy, the housing market is likely to see increased activity, with more favorable mortgage terms attracting a higher number of home buyers and real estate investors.
Stay updated with the latest mortgage rates and take advantage of the reduced interest rates to secure a more affordable mortgage for your dream home.
In view of the positive changes and posibilities in the home market, its is recommended that you start now your mortgage assesment, to have a better perspective on your posibilities and strategies that you could follow to be mortgage ready and purchase a new home in the near future..
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