We'll have to wait and see in the coming days if the Banks follow the Bank of Canada's lead. If the Banks don't follow suit, there will be little effect, except to perhaps attract the people sitting on the fence to the record low interest rate environment.
Here is the link for the full story.
PS..TD lowered its prime rate by 0.10% to 2.75%.
Please let me know if you have any questions.
Regards,
Katherine Martin
Mortgage Specialist
