BREAKING NEWS: The Bank of Canada drops the key rate another 50 basis points (0.5%)! This is unprecedented territory for interest rates. In at least 10 years, the BoC has never lowered it’s rate twice in the same month and definitely never for a total of 1%.

For home purchases, lower rates will allow for easier financing. For existing mortgages, whether at renewal or not, lower rates could mean a significant enough difference to justify renewing early. Get in touch for a review of your situation.