There’s more good news for anyone looking to renew a mortgage soon.
The Bank of Canada has made another cut its key interest rate, taking it down another quarter point to 4.5 per cent.
The central bank says continued progress on getting inflation back down to its two per cent target and weakening economic conditions were the key reasons behind the cut.
High borrowing costs have caused a pullback in spending by both consumers and businesses, which economists say has helped take the pressure off price growth.
