So it finally happened.
The Bank of Canada cut interest rates by 0.25%, the first time in four years.
What does that mean to you?
Well, if you’ve got a variable rate mortgage, you’re going to save some money.
For every $100,000 you borrow, you’ll save about $15 a month. At 5%, it used to cost $582 a month to borrow $100,000. Now, at 4.75%, it costs $567 a month to borrow $100,000.
Here’s what you save each month based on your mortgage.
Is that enough to get buyers off the fence?
Well, we’re going to be watching closely this week because we sure hope so.
Watch the market update here
