10/23/2024
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Today, the Bank of Canada lowered its target for the overnight rate by 50 basis points to 3ΒΎ%, great news for variable rate holders and those with a line of credit. This decrease aims to support economic growth as inflation returns to the 2% target.
Canada's economy is forecast to strengthen gradually, with GDP growth projected at 1.2% in 2024, rising to 2.3% by 2026. Key factors include stronger consumer spending, rising residential investment, and robust exports. Further rate cuts are possible depending on economic conditions.
The next Bank of Canada rate announcement is scheduled for December 11, 2024.