Following on the heels of the US Federal Reserve’s emergency interest-rate cut yesterday, the BoC has cut its key lending rate by 50 basis points. It’s now 1.25%. This may lower the rates on lines of credit and variable-rate mortgages.
This comes amid a global economic challenge posed by the uncertainty of the coronavirus that may affect domestic spending.
I will continue to keep you updated.
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This article belongs to TMG The Mortgage Group website