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Bank of Canada - Interest Rate Announcement

The Bank of Canada recently announced its decision regarding the key interest rate, which has a significant influence on various financial products, including mortgages. As of 10th April 2024, the Bank of Canada has maintained the interest rate to 5% holding it for the sixth consecutive time.

By 2024 end, the interest rates might drop by 0.50%, and by 2025, the projection is for a further drop of 0.75% to bring it down to BOC rates of 3.75%, this means the prime from all banks will be close to 5.95% by 2025. All variable rate mortgages and revolving products like line of credit are impacted by Prime Rate.

The bottom line is that interest rates are not coming down any sooner.

Data Source: Courtesy Bank of Canada website.

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