Canada Mortgage and Real Estate Market Update - July 2024

 

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday as the head of the central bank suggests the rate will need to move even lower to reignite the economy.

 

The Bank of Canada’s policy rate, which broadly informs the cost of borrowing across the country, now stands at 4.5 per cent.

 

The move was widely expected by economists as inflation continues to cool and the Canadian economy shows signs of weakness.

 

Bank of Canada governor Tiff Macklem said Wednesday “We are increasingly confident that the ingredients to bring inflation back to target are in place,” he told reporters after the announcement.

Macklem reiterated Wednesday that future rate decisions will come down to the latest economic data and how the Bank’s governing council expects that will affect the outlook for inflation.

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