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More homeowners opting for variable mortgages as the Bank of Canada continues to slash rates

Mortgage brokers say there has been renewed interest in variable rate mortgages after the bank slashed rates by 50 basis points on Wednesday.

Updated
2 min read
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After Wednesday’s interest rate cut announcement by the Bank of Canada, mortgage brokers are reporting renewed interest in variable rate products.


Expectations that interest rates will continue to fall following the Bank of Canada’s latest cutÌýare fuelling demand for variable rate mortgages, brokers say.

On Wednesday, the central bank cut its key overnight lending rate by 50 basis points toÌý3.75 per cent, saying it is now officially on a rate cutting path as it wants to see consumer and business spending pick up again.ÌýEconomists were quick to forecast another large cut by the Bank in December.

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Ana Pereira

Ana Pereira is a business reporter for the Star, based in ɫɫÀ². Reach her via email: anpereira@thestar.ca

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