On the heels of the Bank of Canada's announcement to cut its key overnight rate by half a percentage point (50 points, or 0.5%) to 2.5%, the big Canadian banks are also cutting their prime rate to 4.5% -- a reduction of only 25 points, no longer following the central bank in lockstep fashion. I'm curious to see where more nimble lenders will be offering for residential mortgages. Prior to the central bank's move, the best residential variable rate (3 yr and 5 yr terms) was 4.15%.
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