The Bank of Canada has made another big move this past week, cutting by 0.50%, bringing bank Prime down to 5.45%, a full 175 basis points lower than in June. This marks the 5th rate cut this year as the Bank responds to rising unemployment, sluggish GDP growth, and economic uncertainty, including potential tariffs from the Orange man. The good news? These rate cuts bring relief to homeowners with variable-rate mortgages and HELOCs, with further drops expected in 2025 albeit, at perhaps a more gradual pace. Most variable rate mortgages are around prime less a .5% which is a net of 4.95% vs say a 3 year fixed at 4.49%. At Lotus Loans & Mortgages, we offer assistance in making the right mortgage product decision!