Big 5 Sit Tight
Just because the Bank of Canada cut their rate, doesn't mean your bank will too! It's a bit disappointing to hear that none of the Big 5 banks have dropped their prime rate following Wednesday's rate cut over at the Bank of Canada. It's ultimately up to the lending institution to follow the Bank of Canada's lead. Remember, the prime rate affects those with variable, not fixed rate, mortgages. This can be confusing so please drop me a line if you'd like some clarification.