Gina Burgio, Mortgage Agent

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Bank of Canada cuts rates by 0.25 percent

The Canadian Central Bank cut rates today by a quarter point to 2.25%.

This rate cut today by the Bank of Canada was left than the half point cut expected by some economists.  The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement.

It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates.

The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis.  "In line with the new outlook, some further monetary stimulus will likely be required to achieve the 2 percent inflation target over the medium term," the central bank said in a statement announcing the lowest overnight lending rate since September 2004.

The Bank of Canada also commented on the US Recession, stating, "The global economy appears to be heading into a mild recession, led by a US economy already in recession."

 

 Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

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Each VERICO Broker is an independent owner operator.

Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

VERICO LOGO

Each VERICO Broker is an independent owner operator.

Comment balloon 2 commentsGina Burgio • October 21 2008 11:02AM

Comments

Do you loan to Canadians buying US properties?  We have a lot of Canadians wanting to take advantage of our low prices.

Posted by Jean Groesbeck, Broker, CRS, e-PRO, ABR, ASP, CNE, IMS (Coldwell Banker Bain) about 10 years ago

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Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) 11 months ago

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