Bank of Canada Rate Drop: What It Means for You

🎉 Exciting News! The Bank of Canada has just dropped rates by another 0.25%, bringing the Prime Rate down to 6.7% from 6.95%. This is the second rate drop in recent months, meaning significant savings for you! For every $500,000 mortgage, your monthly payment decreases by about $75. With two drops, that’s an extra $150 in your pocket each month. 🎉

Here’s a quick recap of what’s happened:

📉 2022: Prime rate increased by 0.5 points.
📉 Past couple of years: Rates steadily climbed.
📈 Now: Rates are starting to ease down, with potential for further drops in the near future.

🗓 Next Rate Announcement: September 4, 2024 – stay tuned!

If you have a mortgage closing soon, or maturing within the next 6 months to a year, now is the perfect time to talk to us. We’ll ensure you’re poised to take advantage of any future rate drops.

💬 Let’s Discuss Your Strategy:

• If you have a fixed-rate mortgage, this news won’t affect you directly, but it’s always good to stay informed.
• For those with variable rates, your home equity line of credit payments will also decrease.

Ready to Save More? 📞 Book a Quick Call with us today!