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4 Mar

Bank of Canada announcement March 4, 2020


Posted by: Anne Martin

Bank of Canada Update

The Bank of Canada (BoC) announced March 4th that it was slashing its key interest rate target by half a percentage point to 1.25%, in an effort to soften the economic impact of the coronavirus outbreak.

The decision comes after the US Federal Reserve implemented a similar cut March 3rd, acting ahead of its next scheduled policy meeting on March 17-18.

While Canada’s economy has been operating close to potential with inflation on target, the virus is a “material negative shock” to the Canadian and global outlooks, and monetary and fiscal authorities are responding, the BoC reports. Further adjustment to monetary policy may be required to support economic growth and keep inflation on target.

The next rate announcement is scheduled for April 15th.

Best fixed rates are as low as *2.59 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.95%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

Terms Bank Rates Our Rates
6 Month 3.34% 3.30%
1 YEAR 3.59% 3.04%
2 YEARS 3.74% 2.89%
3 YEARS 3.89% 2.89%
4 YEARS 3.94% 2.94%
5 YEARS 5.34% *2.59 – 3.69 %
7 YEARS 5.80% 3.44%
10 YEARS 6.10% 3.7%
Rates are subject to change without notice. *OAC E&OE

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.