Bank of Canada lowers overnight rate by 0.5% again. This totals 1.5% drop in the last several weeks. Most lenders are matching this latest drop, prime rate for the most part is now 2.45% (updated). Your variable rate mortgage and secured lines of credit will benefit. Exact word from BoC:
“The intent of our decision today is two-fold: to immediately support the financial system so it keeps on providing credit, and, over the longer term, to lay the foundation for the economy’s return to normalcy.”
Next scheduled meeting is Apr 15.