(Ottawa March 3, 2009) - As expected, the Bank of Canada aggressively reduced another 0.50% on the overnight lending rate. The bank's current prime rate is reduced from 3.00% to 2.50%. We expect the lenders to follow the rate cut.
The Bank will continue to monitor carefully economic and financial developments in judging to what extent further monetary stimulus will be required to achieve its 2 per cent inflation target over the medium term.
The next scheduled date for announcing the overnight rate target is 21 April 2009.
Current variable rate: Prime + 0.80%
Current best 5 year fixed: 3.99% (close within 45 days)
Clients must qualify for the loan to obtain the best rate.
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