The Bank of Canada cut its interest rate by 25 basis points to three percent. This move will have an almost immediate impact on variable-rate mortgages with most lenders. Going forward should we expect similar rate cuts given we are in a recession?

At a minimum, the Bank is likely to continue with incremental cuts of 0.25% and may be prepared to implement more aggressive reductions if economic conditions warrant. With inflation at its target level, the Bank is less concerned about currency devaluation and more focused on addressing the significant financial challenges faced by both businesses and taxpayers in an uncertain political and economic climate.

John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)

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☎️ 416-890-1365