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    Home»Property Investments»Are BoC interest rate cuts beneficial for your property investments? | 2024-07-26 | Investing News
    Property Investments

    Are BoC interest rate cuts beneficial for your property investments? | 2024-07-26 | Investing News

    July 26, 2024


    Canadian financial institutions reduced their prime lending rates after the Bank of Canada’s decision to lower its key interest rate on Wednesday. The question stands, are these cuts benefiting property investments?

    The big six banks – RBC, TD, BMO, Scotiabank, CIBC and National Bank – along with Laurentian Bank and Desjardins, adjusted their prime rates to 6.70% from 6.95%.

    This marks the second rate cut this year, after a similar move in June by the central bank and private banks.

    Prime rates influence lending rates for various financial products, including variable-rate mortgages and lines of credit. For real estate investors, the lower prime rates could mean reduced borrowing costs. This will potentially make property investments more attractive and affordable.

    In the above video, Ontario-based property investment leader, Michael Succurro beaks down three key insights investors should know following these cuts.

    Be sure to stay up to date on all the latest stock market news at Stockhouse.com.

    Join the discussion: Find out what everybody’s saying about bank stocks, real estate stocks, public companies and other hot topics at Stockhouse’s stock forums and message boards.

    The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.




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