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Bank of Canada Cut Fans Real Estate Flames

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The Bank of Canada just added more fuel to the country’s already blistering housing market.

The central bank reduced its overnight lending rate to 0.5 percent from 0.75 percent, saying the economy contracted modestly in the first half of the year amid a slump in the price of oil. Toronto-Dominion Bank immediately cut its prime rate by 10 basis points to 2.75 percent.