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