The prime rate for consumers will remain at 3.0%
This is welcome news for people who hold mortgages or loans or are desiring to obtain a loan, rates will remain low for the foreseeable future.
I wish you all the best!
PS: The major banks in Canada charge their best customers 2% above the Bank of Canada Prime Rate, which means that the Bank Prime or Prime Rate that we see is now 2.75%
Bank Prime Rate means "best" and this is the rate that banks charge their absolute best customers for loans, which is usually only other lending institutions.
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