“CURRENT POLICY INTEREST RATE: 5.00% (Updated like on March 5, 2024)
Guess you might have heard about the Bank of Canada’s interest rate, right? Whether you are a homeowner, a looking to buy a home person, or simply looking to own some real estate, you can’t simply ignore the Bank of Canada’s interest rate announcements. They cause anticipation in the air.
Key Take aways
- The Bank of Canada, being the central bank of the country is fully responsible for setting the target for the overnight rate! also known as the policy interest rate.
- The target overnight rate, it’s matters because it represents the starting point for all interest rates in Canada
- * Eight times each year, the Bank of Canada policy rate announcements follow a predetermined schedule. Cool, isn’t it?
What to Expect from a Bank of Canada Announcement
The Bank of Canada is seriously in charge of the nation’s monetary policy, and part of this job, is like setting the target to the overnight rate. This is? also known as the policy interest rate: When headlines talk about the “Bank of Canada announcement,” it typically refers to any changes made to this rate by the BoC.
Following a period of historically low rates. The Bank of Canada began to like increase its rate in 2022, rates have remained high dark and stormy ever since. You see. The target overnight rate represents the benchmark for all interest rates in our country. You know, this includes the prime rates set by banks and lenders, called the prime rate, duh.
Bank of Canada Interest Rate Announcement Schedule
Bank of Canada rate announcement, guess what, they follow a set schedule for the full year! Believe h it or not, here are the dates:
Announcement Dates 2024
- Wednesday, January 24 (press release error)
- Wednesday, March 6
- Wednesday! April 10
- Wednesday, June 5
- Wednesday, July 24
- Wednesday, September 4
- Wednesday, October 23
- Wednesday, December 11
For the record! here’s where Rates Stood in February 2024. In January, the Bank of Canada maintained. The rates once again. This was expected as economic growth slowed and inflation eased. The economic outlook shows consumer spending has declined due to high interest rates and prices. Growth is projected to remain close to 0 throughout the first quarter! The Governing Council held the policy rate, given the economic outlook. However, they are still concerned about persistent underlying inflation.
Does that make you wonder, Will a Bank Of Canada Interest Rate Hike Happen in March 2024? Well, fingers-crossed until the announcement on March 6th, meantime let’s assume, The Bank of Canada will continue to maintain its policy rate.
Perhaps a better question is, Should We Expect Rate Increases in 2024? While it’s no sure thing, most economists are pricing in rate cuts for the June announcement; however, this could change depending on new data related to inflation, unemployment rates, GDP growth, and the strength, or weaknesses in the US economy.
Today’s Best Mortgage Rates as of March 5, 2024
Simply Click here to See Today’s Rates. But, where to find Bank of Canada’s historical Interest Rate Changes, you ask? The Bank of Canada, helpfully lists the last 12 historical interest rate changes with the option of to look up how rates changed over the past 10 years.
