BOC Does The Unexpected

Bank of Canada Does The Unexpected…Cuts A Quarter Point Off Their Overnight Rate! As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which in most cases impacts your Prime Rate. At 10:00 am EST, Wednesday January 21st, 2015 the Bank of Canada again did what nobody expected them to do … they cut their overnight rate by a quarter point. At the moment we are unsure as to what this might mean for…