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4 months ago・2 min to read

The Bank of Canada Cuts Rates: What Does This Mean For You?

Interest Rate cuts Back

Finally, the news we’ve all been waiting for.

The Bank of Canada cut the interest rates from 5% to 4.75%… for the first time in 4 years.

But what does that mean for you?

For every $100,000 borrowed, you save about $15 per month.

To break it down:

  • At 5%, it used to cost $582/mo to borrow $100,000
  • Now at 4.75%, it costs $567/mo to borrow $100,000

Here’s what you save each month based on your mortgage size:

Mortgage SizeMonthly Savings
$400,000$60
$500,000$75
$600,000$90
$700,000$105

For buyers, this means you may have to move at a faster pace than you were previously used to. Make sure to stay updated on property listings and secure your pre-approvals as soon as possible.

And for sellers, this could mean a good opportunity for a quick sale.

Month-over-month home sales have already picked up quite a bit, with national sales up 14.5% from March to April and 10.1% year-over-year.


If you’re curious about how this rate cut impacts you, our team is here to help. Send us an email at info@valery.ca and we’ll shoot over some more info.

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