10/23/2024
Bank of Canada has lowered its key interest rate to 3.75%, marking a 50 basis-point cut—the largest since March 2020. Prior to today, the rate stood at 4.25%. With inflation concerns easing, this cut aims to stabilize the economy and support growth, which has been slowing due to high rates.
This is significant news for buyers and homeowners, potentially lowering borrowing costs and opening up new opportunities. 📉🏡
The central bank has hinted that more cuts could come if the economy continues to align with forecasts. We’ll keep an eye on how this develops!
Source: CBC