Oct 29, 2025
The Bank of Canada reduced its target for the overnight rate by 25 basis points (0.25 %) to 2.25%. This means Prime Rate is now 4.45%.
This is the second consecutive rate cut and is the lowest rate since around July 2022. The Bank of Canada also implied this will be the last cut in 2025 unless there are significate changes with inflation.
If you have a variable product, this is a welcome relief and could mean more of your payment will go towards principal than interest.
For questions, call your Kelowna Mortgage Broker- Catherine 250-859-0990
