The
Bank of Canada unexpectedly cut its main interest rate by 0.25% from 1.00% to 0.75%.
This is great news for Variable Mortgage rate holders, students loans and lines of credits as Prime should follow... and drop from 3.00% to 2.75%.
NOTE that Prime is adjusted by the lenders. Typically they follow suit but not always... will post once we get word from at least one lender.
For anyone with variable loans/ mortgages... keep payments the same or higher and take advantage of paying down the debt quickly.