Скачать или смотреть Breaking Down the Bank of Canada's Interest Rate Cut and Its Impact on Mortgages

Hey everyone! Great news this morning—the Bank of Canada has cut interest rates by 25 basis points! This wasn't a guaranteed move, but given the downward trend in inflation, weak GDP growth, and softening employment numbers, the Bank decided it was the right time to provide some relief to Canadians.

In this video, I'll break down what this rate cut means for different types of mortgage holders:

🏠 Variable Rate Mortgages: If your payments are fixed, you’ll need to contact your lender to adjust them.

📉 Adjustable Rate Mortgages: Your payments will automatically adjust in the next cycle.

📈 Fixed Rate Mortgages: A drop in the prime rate doesn’t directly impact fixed rates, as they’re influenced by bond yields.

We’ll also discuss the potential for future rate cuts, with the Bank of Canada aiming for a neutral interest rate of 3.25%. Currently, the prime rate is 4.75%, so there’s room for more reductions over the next couple of years.

The next Bank of Canada meeting is on July 24th, and I’ll keep you updated with the latest information.

If you have any questions or concerns, feel free to reach out anytime. Thanks for watching!

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