Latest Bank of Canada rate cut a ‘critical lifeline’ for B.C., mortgage brokers say

B.C. mortgage brokers are applauding the Bank of Canada’s latest basis point rate cut.

On Wednesday, the bank delivered a second consecutive interest rate cut of half a percentage point from 3.75 per cent to 3.25 per cent.

The Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) said this rate cut will be a vital measure to reduce financial pressure on mortgage holders, borrowers, and first-time homebuyers across the province.

“Today’s announcement is a critical lifeline for mortgage holders and prospective homebuyers in B.C., particularly for first-time buyers navigating affordability challenges,” Rebecca Casey, president of CMBA-BC said in a statement.

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“We are encouraged by this accelerated rate cut, which will provide much-needed financial stability and help ease the path to homeownership for many.”

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The CMBA-BC said Wednesday’s decision is a crucial step in creating more affordability and stability for British Columbians in the housing market.

“This latest rate cut is a positive signal, but ongoing relief and proactive economic policies are vital to ensuring a stable mortgage market and providing British Columbians with the financial certainty they need,” Casey added.