BOC Interest Rate Cut

Hi,

I hope you’re having a great Wednesday. Check out what this crazy wind just blew in.

The Bank of Canada just cut interest rates by 0.25%...for the first time in 4 years.

Great, but what does this mean for YOU?

If you have a variable rate mortgage, you’ll save money.

For every $100,000 borrowed, you save about $15 per month.

To break it down:

• At 5%, it use to cost $582/mo to borrow $100,000 

• Now at 4.75%, it costs $567 /mo to borrow $100,000 

Here’s what you save each month based on your mortgage size:

• $400,000 mortgage: Save $60

• $500,000 mortgage: Save $75

• $600,000 mortgage: Save $90

• $700,000 mortgage: Save $105

Want to know what this could mean for the market? Reply with "thoughts" and I’ll share my ideas.

Best,

Tim Bomboir
Boyes Group Realty Inc.