Real Estate In Red Deer & Area
Real Estate in Red Deer, Jon & Denise Nichols Real Estate in Red Deer, Jon & Denise Nichols

Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums

Interest Rate Cuts

For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points.

Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big  banks soon following suit.

That lowered the country’s prime rate—which is the basis of all floating mortgage rates and lines of credit—from 3.45% to 2.95%.

“Central banks are providing low cost funding (by cutting interest rates to nearly zero) and greasing the wheels of money…to ensure credit channels remain open,” wrote Josh Nye, senior economist with RBC Economics.

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Jon Nichols

Jon Nichols
Century 21 Advantage
Phone: 403.302.0800
Email:

Denise Nichols

Denise Nichols
Century 21 Advantage
Phone: 403.302.9498
Email:

Jez Nichols

Jez Nichols
Century 21 Advantage
Phone: 403.392.7002
Email: