Earlier this month, the Bank of Canada made another jumbo rate cut of half a percentage point (0.50%) off the prime lending rate. Let's take a look at what this means for you as a current or future homeowner, as well as what this means for the state of our economy in Canada. To begin, if you have a variable rate mortgage, since June you've seen your interest rate be cut by 1.75%, which is a major drop in interest rate. To put this into context, what this means is that for every $100,000 of mortgage money that you currently owe on…
Blog by
Cody Rowe - Mortgage Broker
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