This morning, in a move that was unexpected by even those in the know (ie. the Chief Economist for the Canadian Credit Unions among others) the Bank of Canada lowered the prime rate. While there had been much talk of rate increases in the third or fourth quarter this year, the plunging oil prices led to this surprising rate drop. This change is intended to bolster the Canadian economy and will be good news for home buyers in Vancouver who are particularly impacted by rates given the amount needed to borrow to buy in this area.
If you would like to discuss how you can take advantage of rate changes for your principal residence or investment properties, please contact me.