Prime rate drops to 4.45%

What the Bank of Canada’s Rate Drop Means for Buyers

The Bank of Canada just lowered its key rate by 0.25%, making borrowing a little cheaper.

For buyers, this means:

Lower mortgage costs – variable rates may drop slightly, reducing monthly payments.

A small boost in affordability – you might qualify for a bit more, though prices in the Lower Mainland are still high.

More buyer activity – lower rates can boost confidence and bring more people back into the market.

It’s a positive move, but not a game-changer. If you’re pre-approved, check with your lender to see how the new rate affects your budget — it could be the right time to make a move.