Posted December 9th, 2008 in Mortgage Rates, Real Estate | 
BOC Gets Serious
In the Globe and Mail report from Heather Scoffield, she says “The central bank’s overnight lending rate now stands at 1.50 per cent, a generational low and the likes of which have not been seen since the 1950s.
The Skinny
According to BOC’s news release “the outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated. Global financial markets remain severely strained.”
Courtesy Wendy Hennecke, Invis 604.878.0890
This is Good
- if you are renewing your mortgage you just got a break and some extra cash in your pocket
- if you are buying a home the new rate will be a big help
News Releases
Bank of Canada Report
Globe and Mail Report
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**Numbers provided may vary as they are dynamically posted by the REBGV.
