Bank of Canada holds key Interest Rate at 5%

(January 24, 2024 )

January 24, 2024 

Bank of Canada holds the key interest rate at 5% for the 4th straight decision. While it is not expected the Bank of Canada will raise interest rates further, they are not counting it out at this time. Economists, however, predict a potential rate cut in June 2024.

  "The minute we start to see mortgage rates come down, you already start to see an influx of demand coming back in the housing market," said TD Bank chief economist Beata Caranci. "While those renewing their mortgages this year are still likely to see their monthly payments rise, those homeowners are in a better position than those going through renewals this time last year or even in the fall". 

For any questions you may have on the latest interest rate decision and how it effects you, give us a call at 604-309-5453