The Bank of Canada announced this morning that its overnight lending rate was reduced by 25 basis points to 2.5%.
This should lead to lenders lowering their prime rate to 4.7%.
Canada's Federal housing agency discontinues First-Time Home Buyer Incentive https://t.co/HUMVrEeD1f
Ends officially on March 21, 2024.
So there’s time. Albeit, little time.
#Canada#Mortgage#RealEstate
The Bank of Canada has increased its target rate to 0.50%, up from 0.25%; the first rate hike in 3.5 years.
This is likely the first of many rate hikes in 2022 to offset inflation which is at its highest levels in 30 years.
Get to your mortgage agent right away. #RealEstate