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Canada Interest Rates Lowered

January 29, 2025

Good news from the Bank of Canada again today as it delivered a widely expected sixth consecutive interest rate cut. The .25 basis points cut brings the rate down to 3.00%. This is great news for buyers - we haven't seen rates this low since 2022.

What does this mean for you? This will bring more continued relief to those in a variable-rate mortgage, or those with an upcoming mortgage renewal. According to CMHC, around 2.2 million Canadian households have a mortgage renewal in 2024 and 2025. 

"With this .25% drop, the sixth in a row, we’ve seen a 2% decrease since this time last year. This has translated into increased confidence in the market, with an increase in both listings hitting the market, and buyers ready to shop." - Darcy Nyrose

The next Bank of Canada announcement is March 12, 2025.

Recent History for Bank of Canada Key Interest Rate

  • January 29, 2025 - 3.00%
  • Dec. 10, 2024 - 3.25%
  • Oct. 23, 2024 - 3.75%
  • Sept. 4, 2024 - 4.25%
  • July 24, 2024 - 4.5%
  • June 5, 2024 - 4.75%
  • April 10, 2024 - 5%
  • March 6, 2024 - 5%
  • January 24, 2024 - 5%
  • December 6, 2023 - 5%
  • October 25, 2023 - 5%
  • Sept. 6, 2023 - 5%
  • July 12, 2023 - 5%
  • June 7, 2023 - 4.75%
  • April 12, 2023 - 4.5%
  • March 8, 2023 - 4.5%
  • January 25, 2023 - 4.5%
  • December 7, 2022 - 4.25%
  • October 26, 2022 - 3.75%
  • September 7, 2022 - 3.25%
  • July 13, 2022 - 2.5%
  • June 1, 2022 - 1.5%
  • April 13, 2022 - 1%
  • March 3, 2022 - 0.5%

 

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