Mortgage Blog
Canada's Mortgage Experts
Bank of Canada cuts key interest rate to 3.75%
November 18, 2024 | Posted by: Cecile Morell
The Bank of Canada made a significant move yesterday, cutting its key interest rate by 0.50%, bringng the policy rate down to 3.75%. This is the largest rate cut we have seen since the 2009 financial crisis (outside of COVID times) and makes the 4th consecutive rate reduction since June!
With inflation below the Banks target of 1.6%, and growth slowing in the economy, more rate cuts could be on the horizon. This is incredible news for those who have a variable-rate mortgage or for those who are nearing your mortgage renewal, as it could lead to lower borring costs and monthly payments!
There will be more then 2 million mortgages renewing in 2025 so this will offer relief to those who are opting in for a variable rate.
Ontario and Manitoba!! Reach out today so that I can find you the best mortgage rate, increase your cashflow and set your mind at ease for a stress free renewal!
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