Bank of Canada Cuts Rates by 1/4 Point

Amanda M. Smith | Home Financing Advisor
Scotiabank | Home Financing Solutions

I hope everyone is having an amazing week!

I wished to pass along the Bank of Canada’s news release today. The overnight rate was cut a quarter point today.

As a result, Bank of Canada will be reducing the prime lending rate from 2.85% to 2.70%, effective tomorrow. This impacts all lines of credit and variable rate mortgages. It almost always has an impact on fixed rate mortgages as well. Stay tuned…

On another note, below is the updated MLS stats for your viewing. Ottawa is up slightly again month over month and up year over year. It is interesting that Quebec has dropped month over month and year over year…

Average_MLS_CREA

Any questions, please feel free to contact me.

Enjoy the sunshine & chat soon!

-A

118 Sparks Street, Ottawa, ON K1P 5T2
Transit # 40006
T: 613-882-1523 F: 613-691-1237
amanda.smith@scotiabank.com
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