Impact of Bank of Canada's Rate Cut on Mortgages and Loans

The Bank of Canada recently cut its key interest rate to 4.75%, which has several implications for consumers and investors. Variable-rate mortgage holders could see immediate savings if banks lower their prime rates, while fixed-rate mortgages remain unchanged until renewal. Lines of credit might benefit from reduced interest rates, though credit card rates are unlikely to drop. Savings accounts and GICs might offer lower returns. Overall, the rate cut aims to stimulate economic activity, but the benefits for individual consumers may be limited depending on their financial products and circumstances.