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Interest Rate Announcement - September 4 2024
September 4, 2024 | Posted by: Matthew J. Charlton
As was widely expected, the Bank of Canada today lowered its benchmark interest rate by 25 bps, bringing it to 4.25%.
This is the Bank’s third consecutive rate cut following a previous cut in July.
'The Bank of Canada's decision to lower the interest rate to 4.25% is a positive step forward. This adjustment will help ease some of the financial pressure that has been put on middle class families, homeowners and potential home buyers over the past few years. While interest rates are still high, we're glad to see the Bank of Canada acknowledging the affordability issues Canadians are facing right now and we’re excited to see more efforts to support both current and future homeowners.'
- Lauren van den Berg, President and CEO of Mortgage Professionals of Canada.
