Bank of Canada Cuts Rates to 1.25% Amid Coronavirus Concerns with Chamberlain Real Estate Group
Posted by Jared Chamberlain on
Bank of Canada Cuts Rates to 1.25% Amid Coronavirus Concerns with Chamberlain Real Estate Group
Effective this morning the Bank of Canada has decreased its overnight lending rate by 50 basis points or .5%. Although many expected a rate drop in late 2020, this was certainly a more substantial drop than anticipated. This drop comes on the back of general weakness in the global economy due to the Coronavirus or COVID-19 outbreak and the .50% drop by the Federal Reserve yesterday, March 3rd 2020.
Before today, the last move in the Bank Prime Rate was in October of 2018.
This is a great announcement for both buyers and sellers in Calgary as the market hasn't been kind over the past 5 years. As we mentioned in our March Calgary Real Estate Market…
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