Newsletter – Jan 2024 I BoC Announcement

Bank of Canada Rate Announcement

January 24, 2024

The Bank of Canada has decided to leave the rates unchanged. Yes! The prime rate is staying put at 7.2%! This is the 4th time the rates remain unchanged. The last hike was on July 2023, and this is such a breather for many of us.  What does this mean? 

Efforts to stabilize the financial market globally are slowly bearing fruit. The global market is still being cautious and with good reason! The balance between economic recovery and potential inflationary pressures is delicate, and a single step can tip the scales.

For Canada, this indicates confidence in the current economic conditions, who knows? This may have a positive impact on consumer spending and business investment, boosting the growth of the economy. 

Overall, it’s a welcome news. The next Bank of Canada meeting will be on March 6th.  The general consensus, again, is it will not be changing. Experts are predicting rates will start to fall around summertime or early fall. So, watch out for that!

But what about in terms of fixed-rate mortgage? Did you know that one of our first-time homebuyer client got a 4.87% rate for 5 years? 

Let us know if you want to learn more about how we helped them get their dream home by clicking the link below!

The best way to adapt to the ever-changing economic landscape is to be prepared. If you have questions or concerns about the recent Bank of Canada update and its potential impact on your mortgage, our Mortgage Strategy Managers are ready to assist.

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