The Bank of Canada delivered an oversized interest rate cut of half a percentage point, bringing the rate down to 3.75% in its highly anticipated October 2024 announcement. This significant move comes as the central bank aims to address ongoing economic challenges and inflationary pressures. The decision is expected to have a profound impact on homeowners and businesses alike, influencing borrowing costs and mortgage rates across the country. We spoke with professionals from the mortgage and credit industry to understand how this rate cut could shape the financial landscape for Canadians moving forward.
BOC Interest Rate Oct 2024 announcement
