Several banks again lowering prime lending rate, this time to 2.95 per cent

The moves effective Tuesday by the Royal Bank, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, CIBC and the Desjardins Group match the Bank of Canada's decision last Friday to drop its key lending rate by 50 basis points to 0.75 per cent.

The central bank says the unscheduled rate decision is a "proactive measure taken in light of the negative shocks to Canada's economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices."Desjardins also says it is cutting its U.S. prime rate by a full percentage point to 3.75 per cent after the U.S. Federal Reserve again cut its rate on Sunday over the novel coronavirus.

The rate cuts will make mortgages and other borrowing cheaper, but has also raised concerns it will further inflame already overheated housing markets.A Royal Bank of Canada sign is pictured in downtown Toronto on Dec. 2, 2011.

Several banks are going to be holding debunked mortgages. Ones that will never recoup the amount owned because no one will have the funds to afford overinflated house omg prices.

Banks should be looking at giving a reprieve on mortgages for 1-2 months. I’m a small business owner and do not want to lay-off anyone, these times are unprecedented.

Not enough! In light of current situation, people might have to borrow IOT make ends meet and would have to still pay interest on the loan. Again the big banks will still find a way to make money despite their predicament.

It’s credit card debt that usually crushes people..they should lower celeesit card interest rates during this difficult time

Credit cards should do the same.

They should forgive all debt encured during pandemic times, that is related to food, fuel, and medical supplies... But that won't happen, even by with a govt order.

Recession

Great except my rrsps that I was going to use as a down payment tanked and my job is now perilous. Housing prices haven’t fallen.

Hmmm might be worth looking at remortgaging

Thats very nice of them. Credit card companies, of course, are unaffected by any inconvenient outbreak of moral conscience or community spirit Visa Mastercard

Who saw this coming?😏😏🙂

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