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Bank of Canada cuts benchmark mortgage rate to lowest level in three years

Bank of Canada cuts benchmark mortgage rate to lowest level in three years
Business
The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent.

Lower rates risk propelling housing demand higher.

The Bank of Canada s governor, Tiff Macklem, indicated about a month ago that rates will be kept low until at least 2023.

Various rates for guaranteed investment certificates also fell with the five-year personal fixed term dipping 0.18 percentage points to 0.7 per cent, but the prime rate remains unchanged at 2.45 per cent.
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