Bank of Canada lowers benchmark rate
The Bank of Canada announced today that it is lowering its key rate down to 0.50 per cent given faltering global growth, a lower outlook for Canadian growth and increased downside risks to inflation. The Bank notes that “additional monetary stimulus is required to help return the economy to full capacity and inflation sustainability to target.”
Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.
The next rate-setting day is September 9th.
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.
Terms Posted Rates Our Rates
6 MONTHS 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84% 2.19%
3 YEARS 3.39% 2.34%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.59%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
Rates are subject to change without notice. OAC E&OE
Prime Rate 2.85%
5 yr variable 2.20%
Crunch the numbers and explore different scenarios with our website calculators.