With Bank of Canada rate cut, sub-2% mortgages are coming to a bank near you
By this time next week, Canadian consumers borrowing for a home might be looking at the lowest rates in the country’s history as a result of the Bank of Canada’s rate cut on Wednesday. Interest rates on the discount market are already 2.05% on a variable rate, five-year mortgage and 2.57% on a five-year, fixed rate mortgage, said Rob McLister, editor of Canadian Mortgage Trends.
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Bank of Canada interest rate cut: 5 ways consumers may be affected
The Bank of Canada surprised financial markets by cutting its key interest rate by 0.25 per cent on Wednesday. Here are five ways the central bank's move will affect Canadian consumers:
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