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BREAKING NEWS The Bank of Canada has lowered its benchmark interest rate by 25 bps to 4.50%
- mario5931
- Jul 24, 2024
- 1 min read
🚨 BREAKING NEWS 🚨
Today, the Bank of Canada announced a 25 bps cut to its benchmark interest rate, now set at 4.50%. This decision marks the second consecutive rate reduction since March 2020, aimed at easing financial pressures across the country.
According to the Bank's statement, inflationary pressures are showing signs of easing, with expectations of moving closer to the target of 2%. However, certain sectors, like housing, continue to experience significant price pressures.
"The Bank of Canada's move to lower the interest rate to 4.50% is a positive step forward," commented Lauren van den Berg, President and CEO of Mortgage Professionals of Canada. "This decision aims to alleviate financial burdens for Canadian homeowners and aspiring buyers, addressing affordability challenges in today's economic landscape."
Brokers are encouraged to leverage this rate adjustment as an opportunity to connect with clients, particularly those holding variable-rate mortgages. Stay tuned for further updates, with the next rate announcement scheduled for Wednesday, September 4, 2024.
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