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BoC Reduces Overnight Rate to 0.75 Percent

Good news for Homeowners!

Overnight rate cut

The overnight rate cut announcement made by the Bank of Canada on Wednesday, certainly did take everyone by surprise. Bank of Canada’s reason for the overnight rate cut to 0.75 percent is as a result of all-time low oil prices. This certainly is good news for you homeowners and prospective homeowners.

 

To you, this would mean:

  • All-time low oil prices will result in you having more disposable income.
  • Lower variable interest rates on mortgages.
  • Low rates however does not mean you need to accumulate more debt.
  • This is a great opportunity for you to utilize some of the extra cash to pay off your mortgage or other loans in principle and interest payments that will result in reducing your debt and accumulate more assets.
  • To utilize part of the extra cash to build your savings or towards a future pension plan for yourself.

Please the read the article on CTV News for more information.

If you are a homeowner or a potential homeowner and in need of advice on planning your finances, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.