Bank of Canada cuts key interest rate to 2.5%. Here’s what it means for B.C. homeowners and the housing market

The Bank of Canada cut its key lending rate to 2.5% to support a weakening economy and ease inflation, which slowed to 1.9%. This benefits variable rate mortgage holders with modest savings and may encourage buyers amid rising unemployment and high listings. Experts advise those nearing mortgage renewal to consider options carefully, possibly favoring variable rates for flexibility. More rate cuts are anticipated.