Banks Cut Prime Lending Rates
CBJ – Royal Bank of Canada, TD Bank and BMO Bank of Montreal have all decreased their prime lending rates by 15 basis points to 2.85%, effective immediately. As of now, CIBC has not reduced its rate; it remains at 3%.
Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates by 25 basis points to .75% on January 21.
Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84% last Saturday.