Bank of Canada lowers overnight rate target by 1/2 percentage point to 1/2 per cent
OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3/4 per cent.
This press release is now available on the Bank of Canada’s website at: http://www.bankofcanada.ca/en/fixed-dates/2009/rate_030309.html
*Currently, Prime rate may vary according to lenders. Check with your mortgage broker for variable-rate mortgage details.