Banks cut prime lending rates after Bank of Canada slashes benchmark rate to 0.5%

Canada’s big banks have all cut their prime lending rates following the announcement that the central bank had lowered its benchmark interest rate to 0.5 per cent.

It was the second time this year the Bank of Canada had dropped the rate to stimulate the economy, after holding the rate steady for about four years.

This is good news for Buyers, especially in the Prince George area where it is already really affordable to live. Prince George offers a great way of life for people wanting to get out of the rat race of Vancouver.


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