Rate Relief: How the Bank of Canada’s Latest Rate Cut Impacts Your Mortgage

Last month, the Bank of Canada lowered the overnight lending rate to 3.75%, bringing the Prime rate down to 5.95%. But what does this mean for you as a homeowner or someone considering a mortgage?

Let’s break it down to see how this might affect your mortgage payments or options. This rate cut could save you money, depending on your mortgage type—here’s how: