Bank of Canada Lowers Interest Rate to Relief Coronavirus Impact

Bank of Canada Lowers Interest Rate to Relief Coronavirus Impact

  • Community
  • Coronavirus
  • Finance
  • Policy
  • Real Estate
March 25, 2020

Bank of Canada Lowers Interest Rate to Relief Coronavirus Impact. Coronavirus (COVID-19) epidemic has forced business to close temporarily and people isolating at home in order to decrease the rate the virus is spreading. The outbreak was unexpectedly severe causing a recession. The Federal Government has made initiatives to aid the economy through tax reduction, subsidy and injection to the stock market.

The Bank’s benchmark interest rate was reduced to 1.25% on March 4th. This week as the economy comes to a further stall when major retailer stopping business, public events being cancelled, and the government suggests avoiding public gathering. The Bank of Canada made an unprecedented move to cutting the benchmark interest rate by another 0.50% to 0.75% outside of their typical adjustment interval.

The decision shows that the Bank of Canada and the Government is taking the Coronavirus epidemic very seriously. The situation will continue to get worse until a vaccine is developed, or the virus is curtained to a certain degree. There is a high possibility that the interest rate will be reduced by another 0.50% point as it is required in a time of global crisis where there is no production and consumption. Mortgages and loans on people at critical time is unbearable.

Yoyoe Lu

Founder and managing principal

Yoyoe is the founder and managing principal of Claridge. She was ranked one of Vancouver’s top real estate agents. Currently, Yoyoe is our strategic mind leading the team to success. Her affiliation with industry professionals put her ahead of our competitors. Yoyoe is also part of the Rotary Club of West Vancouver, Canadian Homebuilders Association, Urban Land Institute and Urban Development Institute.

Ashley Osborn

Development Site and Investment Specialist

Ashely is our lead land and investment advisor. He has been consistently featured in the annual top 100 real estate deals of British Columbia ranking. With over $15 billion worth of domestic and international real estate investments under his belt, Ashley is one of the top agents in the province. His 20 years of real estate and financial experience make him a master in negotiation and acquisition.

Patricia Wong Chong

Investment and Leasing Specialist

Patricia is our investment and retail leasing advisor. Her experience in brokerage and market research analysis has helped her comprise over $550 million in commercial real estate transactions. Patricia is responsible, detail-oriented, and professional. Her strong work ethic and positive attitude have led her to surpass all her competitors.

Schumann Li

Land Assembly & Residential Specialist

Schumann is a top-producing realtor in the Lower Mainland with more than 30 years’ experience. Over the years, Schumann hasn’t just garnered awards, but the trust of countless customers. Her clients continually refer to her outstanding professionalism, work ethic and poise.

Wendy Kaip

Sales Associate

Whether it’s decoding city policies, strategizing relocation plans, home sellers looking for a trustworthy advisor to unlock their property’s maximum potential- Wendy is here to help every step along the way.

Prior to real estate, Wendy spent over a decade in the mining industry with her attention to detail, keen negotiation skills, extensive network and strong reputation for getting the deal done, bringing endless value to her current real estate clients.

Whether you are thinking about selling to a developer, or have more questions about commercial real estate, Wendy invites you to connect, to see how she can utilize her expertise and team to help create value and maximize your real estate goals.

Simon Chan

Managing Broker

Simon is the managing broker of Claridge Real Estate Advisors Inc. His expertise has helped our agents resolve many difficulties. Not only is Simon knowledgeable with real estate legislation, but he is also very detail orientated. With Simon on our team, our agents are confident to conduct businesses and will always get the support they need to ensure they’re not walking on dirty water.

Frank Zhou


As the analyst of the company, my key job is to help brokers to find marketable clients and locate feasible development sites by collecting and analyzing up-to-date market transaction data and conducting target market and property-level research. Meanwhile, I am also in charge of maintaining the company’s property database to ensure accuracy and comprehensiveness and continuously upgrading the level of knowledge by staying up to date with hot topics, and market trends, and incorporating findings into everyday work. Before joining the company, I worked for CR Group as a real estate investment manager, focusing on capital raising, equity and debt financing, acquisition and renovation. I hold 2 master’s degrees, one in Housing Management and the other in Economics.