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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