In Case You Missed It...Prime Rate Lowered To 2.70%

For those of you who are currently mortgage clients of mine with a variable rate, you are already aware of this, but The Bank of Canada cut their overnight rate by another .25%.

When this happens, banks in turn will usually reduce their Prime Lending Rate as well, and this will then lower your variable interest rate (or line of credit).

Now although the BoC decreased their interest rate by 0.25%, the banks have only reduced Prime by 0.15%, which is pretty sneaky on their part as they will pocket that additional 0.10% as profit.

Regardless, Prime is now 2.70%, and this means that most variable interest rates are just a little above 2.0%!!