Following the US Fed, The Bank of Canada, in an unprecedented move lowered the overnight rate, twice by two basis points (-.5%), on March 4th and March 16th; resulting in a reduction to lending institutions of a full percentage point. Hopefully this becomes the lowered amount that they will pass along to consumers, when issuing mortgages to new purchases and refinances.
The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves; the Bank sets a target level for that rate. This target for the overnight rate is often referred to as the Bank's policy interest rate.
Whether you are contemplating a purchase, an upgrade or a refinance, this means that it is not all “bad news” out there.
Don’t wait until everyone is back into the market to start planning for your families future!
“The smart buyers are already looking at homes, to take advantage of price value and interest rate opportunities”
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