After a prolonged stretch when interest rates remained relatively high, the Bank of Canada (“BoC”) has entered a rate-cutting cycle whereby, on July 24, 2024, we had our second rate cut of 0.25%. This rate reduction followed the initial 0.25% rate cut announced on June 5, 2024.

After a prolonged stretch when interest rates remained relatively high, the Bank of Canada (“BoC”) has entered a rate-cutting cycle whereby, on July 24, 2024, we had our second rate cut of 0.25%. This rate reduction followed the initial 0.25% rate cut announced on June 5, 2024.

In recent years, Canadians have been dealing with higher interest rates amid a prolonged period of surging inflation. The Bank of Canada (BoC) raised its key policy rate from 0.25% in March 2020 to 5% in July 2023 – a level the BoC had maintained until announcing on June 5, 2024, that its key policy rate is declining by 0.25%, to 4.75%.