Canada’s major banks and a number of other financial institutions have cut their prime rates by 25 basis points, matching the Bank of Canada’s reduction of its benchmark rate.

Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Nova Scotia reduced their primates to 4.7% from 4.95%.

Desjardins Group, National Bank of Canada, Laurentian Bank of Canada and Equitable Bank, among others, made similar moves.

All of the cuts came shortly after BoC Governor Tiff Macklem announced the central bank’s reduction to 2.5%, following three straight holds.

Commercial real estate executives view the BoC’s move as a boost for future investment after many investors stayed on the sidelines due to high interest rates and uncertainty surrounding Canada-U.S. trade policy and increased American tariffs.

The BoC made its move largely on the belief that inflation can be held in check and Canada can withstand the trade uncertainty.

Pictured: Bank of Canada Governor Tiff Macklem