07/31/2024
Did you catch the latest update from the BOC last week?
We got you covered; last week we had another welcomed decrease to the overnight lending rate by the Bank of Canada! This marks the BOC’s second consecutive rate cut.
Bank of Canada Governor Tiff Macklem stated, “If inflation continues to ease broadly in line with our forecast, it is reasonable to expect further cuts in our policy interest rate.”
This is good news for mortgage holders! The overnight lending rate set by the Bank of Canada is currently 4.5%. We continue to believe the neutral rate is closer to 3-3.5%. It may not happen immediately, but we will eventually get back to those levels as a less restrictive tightening policy is required.
We believe the latest announcement is both timely and positive for many of you!
As always, please reach out to discuss your needs.
[email protected]
1.800.769.7220
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