Bank of Canada Lowers Policy Rate
What was the Bank of Canada's announcement on July 24th, 2024?
Quick Summary
- On July 24, 2024, the Bank of Canada announced a 25 basis points cut to the benchmark interest rate, reducing it to 4.5%.
- The goal of this rate cut is to stimulate economic activity in Canada.
- Opinions vary on the adequacy of this measure, with some experts, including Gord McCallum, believing a larger cut was needed.
For more details, read our full blog post.
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You can also start a mortgage application to see what you qualify for with the new rates.
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