(Unscheduled) Bank of Canada reduces overnight rate by 0.50%, Prime may drop to 2.95%

The Bank of Canada has decided to reduce the overnight rate today in an unscheduled announcement. Prime may drop to 2.95% (previously 3.45%). This is great news for variable rate mortgage holders.

The next scheduled date for announcing the overnight rate target is April 15, 2020.

boc picturePress release