Bank of Canada reduces rate by 50 basis points

Another 50bps rate cut from the BOC today! Bank of Canada reduced the interest rate for the 5th time this year base rate to 3.25%. The central bank is also signalling that further rate reductions may be on the horizon in 2025 by 100bps by mid-June.

The bank's prime rate now stands at 5.45%, and all variable product payments should start going down.