In what many considered to be a surprising move, the Bank of Canada announced that they were dropping the overnight rates by 0.25%. They cited concerns of the effects from the sudden price drops in oil and other economic concerns. This move suggests that interest rates should remain low for the foreseeable future.
Many are asking whether this will boost the real estate market, but the market is red hot right now so I do not sense this will have a great impact at this time.
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