It's now at 4.25%, after the bank dropped it a 1/4 point, saying there's overall weakness in the economy
CANADA - Those looking to renew their mortgage soon received some good news today.
The Bank of Canada has made another cut to its key interest rate, dropping it another quarter point to 4.25%. The bank says overall weakness in the economy continues to lower inflation. Shelters and some of the other services are the key reasons on why it remains high.
The bank's governor, Tiff Macklem, had this to say about the economy "More rate cuts can be expected if inflation continues to ease as expected".
While Canadians will take this as a positive sign, some real estate experts claim it could take a while before we see any demand return to the housing market.
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