Interest Rate Drop, Vancouver BC
Bank of Canada Rate Announcement
Starting on April 23rd, prime rate will drop from 5.25% to 4.75%. Depending on the lenders, some will adjust immediately, some will adjust the rate from the first day of next month. This was spured by the Bank of Canada announcement on Tuesday that it decided to lower its benchmark interest rate by half a percentage point. The interest rate cut was widely anticipated by analysts. This marks the bank’s second consecutive 50 basis point rate cut.
We always recommend to our clients to meet with their banks first and then with a mortgage broker for a second opinion. From our experience a mortgage broker will often find a better rate than the bank. We work with 2 of the top mortgage brokers in Vancouver, should you need financial assistance with your purchase contact us and we can put you in touch.
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