Bank of Canada Rate Drop: What It Means for You

🎉 Exciting News! The Bank of Canada has reduced the prime rate by 0.25%, bringing it down from 7.2% to 6.95%. This is a significant relief for many homeowners and borrowers. Here’s how it impacts you:

🏠 Variable Rate Mortgage Holders:

• Your monthly payments are set to decrease by approximately $15 for every $100,000 of your mortgage.
• For a $500,000 mortgage, expect your payments to drop by about $77 per month.

💳 Home Equity Line of Credit Users:

• Your monthly payments will decrease by $20 for every $100,000 used.

Celebrate This Relief! We know it’s been a tough financial journey, and this reduction is a much-needed break. Enjoy this moment of relief!

Next Steps:

• Variable Rate Mortgage Holders: Should you lock in or stay variable? It’s time to evaluate your options. Book a quick call with us to strategize the best move for your situation.
• Fixed Rate Mortgage Holders: Your rate won’t change, but if your mortgage is maturing in the next 6 to 12 months, reach out to us to discuss your options.

Every mortgage and financial situation is unique. That’s why personalized advice is crucial. Whether you’re considering locking in, renewing early, or just want to understand the impact of this rate change, we’re here to help.

📞 Book a Quick Call Let’s discuss your specific needs and tailor a strategy that works best for you.