As forecasted, The Bank of Canada cut their overnight interest rates to 3.5% from 4%, the biggest cut since 2001. This will of course, affect banks Prime Rates as they will be dropped to 5.25% from 5.75%. 

You will start to see (if any) drops in the 5yr fixed rate (5.74%) sometime within the next couple of weeks and movement on the Variable Rates very soon.

Clients in variable rate mortgages will reap the rewards of this rate drop. 5 yr Variables will be starting as low as 2.9% (Prime minus 2.35%) after the official announcement of the lowered Prime Rate!