Borrowers rejoice! The Bank of Canada (BoC) met today and decided to drop the overnight lending rate by a quarter percent to 0.75%. So any existing variable rate mortgages that you hold now will be 0.25% less than they were yesterday. Keep an eye for a notice in the mail from your lender advising of this rate change.
As you know, the overnight rate has not changed in over four years! This announcement not given references to oil prices, the global economy, and weakening inflation. Stay tuned for the next BoC meeting March 4, 2015.