The Bank of Canada Has Dropped Rates Again: Here’s What It Means for You!
September 4, 2024
The Bank of Canada has reduced its rate by 0.25%, marking the third rate drop since June. The prime rate now sits at 6.45%. What does this mean for you and your mortgage?
If You Have a Variable-Rate Mortgage: Great news! Your monthly payments will be going down. For every $100,000 of your mortgage, you’ll save about $15 per month. If your mortgage is $500,000, that’s an extra $75 in your pocket each month. With three consecutive rate drops, your total savings could add up to $225!
If You Have a Fixed-Rate Mortgage: These rate drops won’t immediately affect your fixed-rate mortgage payments. However, if your mortgage is coming up for renewal or closing soon, you might still benefit. The recent downward trend may continue, and we’ll be ready to secure the best rates for you—no need to ask!
Looking Ahead: The next Bank of Canada rate announcement is set for October 23rd, and another rate drop could be on the way. Wondering whether you should choose a fixed or variable-rate mortgage in this changing landscape?
Let Us Guide You! Choosing the right mortgage strategy can be complex, but you don’t have to navigate it alone. Book a quick call with us today to discuss your options, ask questions, and ensure you’re making the best choice for your financial future.