Canadian Banks Fail to Match the Bank of Canada Rate Cut – Kitchener Waterloo Homes and Condos

The major Canadian banks announced today that they will be lowering the prime lending rate by .15 basis points to 2.85%.

This move is the follow up to the Bank of Canada lowering the prime rate by .25 basis points last week. It is usual normal practice for the big banks to follow suit to the BOC but this rate change widens the spread or gap. It is an interesting move by the banks and I wonder if this is good for us as consumers or good for them?

Here is the link to the full article for more info.

http://www.bloomberg.com/news/articles/2015-01-27/rbc-pares-prime-rate-to-2-85-percent-after-bank-of-canada

I do believe the the Canadian housing market will show continued growth over the next year and this rate cut will further help to stimulate that growth.

If  you have any questions at all please don’t hesitate to contact me at kevinbaker@kwhometeam.ca

January 28, 2015 | Categories: Uncategorized | Tags: appraisal, assessment, Bank of Canada, banking practices, cibc, cibd, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, home buying, market value, Prime rate, rbc, real estate, Remax, selling your home, tdcanadatrust | Leave a comment