Jonathon Adams 604 351 5255

We have had three rate drops in the past four months. Don’t let your bank bully you into a three or five year fixed. Now is the time to take a variable.

For anybody old enough to remember 2009 when rates plummeted after the market crash in the United States, the penalties to get out of those mortgages were ridiculously high. Banks are offering low rates now because they made record money on penalties in 2009 and 2010.

https://www.bankofcanada.ca/2024/06/fad-press-release-2024-06-05/?utm_source=twitter&utm_medium=social&utm_campaign=fad&utm_content=20240605&fbclid=IwZXh0bgNhZW0CMTEAAR3renvfUvJ0mOLRYk4dh8WD4xKi8RWlMAT_TkQhLLESec7A7yQRmHCiAas_aem_AUYm5Ztg-yiRPp2K5_ln8UEQdgQZOWQzwUG2tmIAvIRnHw2Kg9jrhQuBnIqG1HvvtXnDi_1uiHLJjLkVF4VQgxUK

Bank of Canada reduces policy rate by 25 basis points The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.