BoC Breaking News.
The Bank of Canada made a surprise announcement today.
For the first time since September 2010 the BoC cut its overnight lending rate by a quarter of a percentage point to ¾ percent.
This in turn will affect mortgage rates
and probably the real estate market activity.
This cut for the first time in over four years comes about as a result of the economic risk being faced by the decline in oil prices. The sharp drop in oil prices is assumed to negatively impact growth and inflation in Canada.