As you have most likely heard already, the Bank of Canada dropped their key lending rate by a massive 0.75%. Canadian banks are expected to follow suit and drop their prime lending rate. If you have a variable rate mortgage this means you'll automatically pay less in interest. That's kind of nice!
Whether this makes financial sense for you depends on the length of the term remaining in your mortgage and your current interest rate. It is worth your while to ask your your mortgage broker, or bank, to do the calculation for you. You could save thousands.