The Bank of Canada became the first central bank to cut interest rates in response to plummeting oil prices
The Bank of Canada shocked many today with a 0.25% Rate Cut.
So what does this mean for the real Estate market?......well it could be good news to help fuel the housing market here in London Ontario by keeping the Mortgage costs low, Allowing buyers to afford more house.
If you have a Variable Rate mortgage your bank may lower your rate. I would suggest you talk to your lender and keep your payments the same (Since you are accustom to it) and put the rate reduction towards Paying down your principal, which will help you pay your mortgage down faster.