Whew, they're at it again - Canada prime rate drops today!

The Bank of Canada lowered its overnight rate this morning by a 1/2 percentage point to 0.5% in response to the lagging economy. This meant earlier today that we could likely see mortgage rates drop, which is indeed what has happened. TD Canada Trust announced a short time later that their prime rate rates would drop by 0.5% in response to the Fed rate cut, lowering thier prime to 2.5%. We suspect that all major Canadian banks and lenders will follow suit. The likely scenario is that some lenders will reflect this change effective April 1st when they process their normal "first of the month" adjustments.

Prospective home buyers should find this news particularly exciting as well as those folks that hold variable rate mortgages. It is a great time to be out there shopping for a new abode in Greater Halifax, and with this information in hand it just got better! Call your REALTOR^® for more details on how to move forward with your home search; they can also introduce you to a qualifed mortgage broker as well!