What the Bank of Canada rate cut means for mortgages, consumer loans and investments
BNN Bloomberg
The Bank of Canada has lowered its key interest rate by a quarter of a percentage point to 4.75 per cent, the first cut in more than four years. Here's what it could mean for your finances.
Here's what it could mean for your finances:
What does it mean for consumers and prime rates?
The Bank of Canada's benchmark rate affects borrowing costs for banks, which means they're able, but not forced, to lower their own lending rates.
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