The Bank of Canada lowers key interest rate to 4.5%

(July 24, 2024 )

The Bank of Canada lowered the interest rate again by 25 basis points to 4.5% today, its second rate cut this year, which is expected to be an immediate relief to debt carrying Canadians with variable rates of interest, which includes some home equity lines of credit and mortgages.

“If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate,” said Bank of Canada governor Tiff Macklem, but pushed back and reiterated that with risks still out there that could push inflation higher, the central bank will be taking rate decisions one meeting at a time. 

The next rate decision is expected September 4th.

How are you feeling about today’s interest rate decrease? Call today for any questions you may have...604-309-5453

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