The Bank of Canada just lowered interest rates to 3.00%! But what does this actually mean for you?
Borrowers win: If you have a variable-rate mortgage, loan, or line of credit, you could see your payments go down (finally, some relief!). First time homebuyers might also find mortgages a bit more affordable.
Savers feel the squeeze: If you’ve been stacking up cash in a savings account or GIC, you might earn less as rates drop.
How are you guys thinking about this rate change?
Vote below & drop your thoughts in the comments!
- Yes! Lower rates help me!
- No, I wanted rates to stay higher!
- Not sure yet, watching how things play out
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