Good news today from the big banks who reduced their prime lending rate by half a point to a record low of 3% in quick response to interest rate relief from the Bank of Canada. They also reduced some fixed and floating-rate mortgages. The Bank of Canada projects 3.8% economic growth in the next year thanks to lowered interest rates and fiscal stimulus and the depreciation of the Canadian dollar. All good news for home buyers. First-time buyers, especially, can take advantage of the market downturn and the low interest rates to take that first step on the property ladder.