This morning, the Bank of Canada announced a 0.25% rate cut bringing the prime rate with most banks down to 4.70% (from 4.95%). The full press release is HERE.
What this means: for every $100,000 of mortgage balance, interest may drop by about $13/month. While this change impacts variable and adjustable-rate mortgages, and home equity lines of credit it’s important to note that it is not directly tied to fixed rates.
At the Angela Calla Mortgage Team, our role goes far beyond watching rates. We provide:
– A full rate look-back upon closing to ensure you secure the lowest cost of borrowing available for your circumstances.
– Guidance if your mortgage is up for renewal – so you don’t leave money on the table.
– Strategies to eliminate outside debt and improve cashflow.
– Support if you’re planning large expenses or looking to purchase a home in this shifting market.
Click on the link to watch our Global News Morning segment.
The next Bank of Canada rate announcement is coming October 29th then the final one for the year December 10th, and we’ll continue keeping you informed every step of the way.
If you’d like to review how this change affects your situation, simply reply to this email or call us at 604-802-3983. We’re here to help you build and protect your wealth.
Angela Calla is a mortgage renewal and debt elimination expert with over 20 years of industry experience. She is also a multi-award-winning mortgage professional. Since beginning as a mortgage broker in 2004, Angela has helped thousands of Canadians optimize their mortgage strategies, eliminate debt, and build wealth through real estate.
She is the best-selling author of The Mortgage Code, which equips readers with the tools to make informed financial decisions. Additionally, she is the host of Canada’s longest-running finance radio show on CKNW, where she simplifies mortgage advice and empowers listeners to take control of their financial futures.
Angela has been recognized as Business Leader of the Year (2020) by the Tri-Cities Chamber of Commerce and Entrepreneur of the Year (2019) by the City of Port Coquitlam. She is also a sought-after speaker and educator, delivering accredited training for real estate boards across Greater Vancouver.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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