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Interest Rate Announcement - October 23 2024
October 23, 2024 | Posted by: Matthew J. Charlton
The Bank of Canada has lowered its benchmark rate by 50 bps, bringing it down to 3.75%. This marks the fourth consecutive cut since June.
'The Bank of Canada's decision to lower the interest rate to 3.75% is a positive step toward improving housing affordability across Canada. This move will help alleviate some of the financial strain that middle-class families, homeowners, and first time buyers have been facing in recent years. While interest rates remain high, we're encouraged by the Bank's decision to ease rates, alongside recent government changes we’ve long advocated for, such as removing the stress test, extending 30-year amortizations for first-time buyers, and raising the mortgage insurance cap to $1.5 million. These combined measures are bringing us closer to restoring the dream of homeownership for Canadians, but there is still more work to be done.”
- Lauren van den Berg, President and CEO of Mortgage Professionals of Canada.
