Latest interest rate cut could help homebuyers, small businesses [Video]

For the second time in two months, the Bank of Canada cut its key interest rate.

The move to decrease by 25 basis points, down to 4.5 per cent, is welcome news for those with debt or looking to enter into the housing market, some experts say.

“What this means for people is that if you’re looking to go buy a home, it’s a buyer’s market right now,” Leah Zlatkin, LowestRates.ca and licensed mortgage broker, told CTV Calgary.

“So if you’re going to qualify it a little bit less, or if you’re looking to qualify on a fixed rate mortgage, the rates are a little bit lower than they were this time last year.”

Wednesday’s move by the BoC follows a similar rate cut in June.

“We are increasingly confident that the ingredients are now in place to bring inflation back to the 2 per cent target,” said Tiff Macklem, …