HomeSellers, HomeBuyers & Investors: Canadian Mortgage Rate Tracker!

Thursday, January 25, 2024   /   by Matthew Daniel Tamburello

HomeSellers, HomeBuyers & Investors: Canadian Mortgage Rate Tracker!

Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants

The Bank of Canada leaves benchmark rate at 5%

As expected, the Bank of Canada has left its key lending rate unchanged at 5%.

This follows 10 previous rate increases over 12 rate announcements, which raised the overnight target rate by 475 basis points (bps) since March 2022.

In its statement, the Bank said it is “still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation.”

However, the Bank added that with expected GDP growth of just 0.8% in 2024, it expects inflation to continue to ease from around 3% in the first half of 2024 to its 2% target in 2025.

What happens now?

As a result of today’s decision, prime rate will remain unchanged at 7.2% and there will be no changes to existing variable-rate mortgages. This announcement also has no impact on fixed-rate mortgage holders.

The Bank’s next announcement will take place March 6th.

If you have any questions or concerns about the rise in borrowing costs over the past year, contact Trinity Real Estate Consultants today so we can discuss your personal situation and options!

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Matthew Daniel Tamburello
Team Leader & Broker
Right at Home Realty, Brokerage

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