Bank of Canada lowers policy rate to 2½%

Now available on the Bank of Canada website!!

The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.

What does this mean for you??

When the Bank of Canada (BoC) "drops the overnight rate," it lowers its target for the overnight lending rate, making it cheaper for banks to borrow money from each other. This signals a boost to the economy by reducing borrowing costs for consumers and businesses, leading to potentially lower variable mortgage and personal loan rates, and encouraging more spending.

This is the time to buy and sell!

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