The Bank of Canada Reduces Its Policy Rate

Harry Ohannessian

Mortgage Broker

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On October 23, 2024, the Bank of Canada lowered its key interest rate to 3¾%, reducing it by 50 basis points.

This marks the fourth consecutive rate cut by the central bank this year, in line with market expectations.

In its statement, the Bank indicated that it made this decision after noting that "Inflation is once again around the 2% target."

As a result of this decision, the prime rate, which affects variable-rate mortgages and other loans, is expected to decrease soon at most major lenders.

Click here to read the full statement from the Bank of Canada.

The Bank's next rate decision is scheduled for December 11, 2024.

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TERMS	BANKS	MORTGAGE PLANNERS
6 months Fixed	7.84%	7.50%
1 Year Fixed	7.74%	5.74%
2 Years Fixed	7.34%	4.29%
3 Years Fixed	6.94%	4.24%
3 year closed Variable	6.60%	5.20%
4 Years Fixed	6.74%	4.24%
5 Years Fixed	6.79%	4.19%
5 years Variable	5.65%	4.25%
Refinance Fixed or variable	8.40%	4.44%
7 Years Fixed	7.10%	4.49%
10 Years Fixed	7.25%	5.04%
HELOC	6.20%	5.70%

TERMS

BANKS

MORTGAGE PLANNERS

6 months Fixed

7.84%

7.50%

1 Year Fixed

7.74%

5.74%

2 Years Fixed

7.34%

4.29%