For the first time in over four years, the Bank of Canada has changed its target for the overnight rate, which may come as a surprise to agents and even their mortgage partners.

“The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent,” the BoC wrote in an official release. “This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.”

Reports Justin Da Rosa of Real Estate Professional

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