Impact On Mortgages From Bank of Canada Rate Cut

Buying

This week, the Bank of Canada announced its key lending rate to by half a percentage point, thanks to the recent negative impact on the economy from COVID-19 scare. Between this and the changes recently announced to the mortgage stress test, it's putting home buyers in a better position to obtain financing on their home, and allow them to save on their mortgage payments. According to Ratehub.ca, the new Bank of Canada rate could translate into savings of approx. $115 per month on a $450,000 mortgage, though that depends on how much of the savings the financial institutions decide to pass onto consumers.

If you're planning on buying, contact your mortgage specialist to see how these changes can benefit you. If you don't have one, you can contact one of our trusted partners: https://www.novascotiaspremierhomes.com/partners/

 

Source: https://www.thestar.com/business/2020/03/04/bank-of-canada-rate-cut-to-mean-cheaper-borrowing-and-lower-interest-on-savings.html