Bank Rate lowest since December 2005
The Bank of Canada made its second cut half point cut in 2 months today, making its total reduction since December 2007 1 1/2 percent. The rate now sits at 3% - the lowest since December 2005.
What does this mean for the prospective buyer?
Mortgage Specialist Pamela Owen from RBC has been telling me for the past months that a variable rate mortgage is the way to go for both new buyers, and those facing a mortgage renewal. Check back for Pam's take on this latest banking news.