Bank of Canada Rate Announcement

April 10, 2024

Hey Karista Mortgage Family!

Let’s dive straight into the latest scoop from the Bank of Canada: They decided to keep the prime rate snug at 7.2%, marking this the sixth meeting in a row without a change. These dates might start to sound like a broken record (March 6, January 24, December 6, October 25, September 6), but there’s a silver lining for anyone with a variable rate mortgage – your payments are staying put for now. 🏠💰

Now, you might think, “Yawn, more of the same,” but hold up – for many of us, this stability is golden. It means no sudden moves in our monthly budgeting, giving us a little predictability in our finances.

The Bank of Canada is keeping its eyes on the prize—aiming for economic growth and a gentle nudge down in inflation, with a goal of hitting its 2% target by 2025. 

And here’s the moment you’ve all been wondering about: “When’s the rate drop going to happen?” I’m putting my bet on June, and I think it’ll be a modest one – just 0.25%. If you’re on the fence about making financial moves while waiting for a dramatic drop, think again. It’s not going to be a blockbuster change. This is all about the government aiming for stability, trying to avoid the rollercoaster rides of the past where the financial pendulum swung too wildly, leaving us all a bit queasy from the ride.

So, if you've got any mortgage worries or questions as you navigate the next twelve months, book a quick call with us. We're here to help you make sense of it all and to keep your mortgage journey as smooth as possible.

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