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Bank of Canada reduces policy rate by 25 basis points to 4½%
FOR IMMEDIATE RELEASE
Media Relations
Ottawa, Ontario
July 24, 2024

The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization. This is the second rate drop in the past 3 meetings.

The Bank of Canada meets 3 more times before the end of this year.
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https://www.ctvnews.ca/business/how-the-new-mortgage-stress-test-will-affect-homebuyers-1.5451606

How the new mortgage 'stress test' will affect homebuyers As of June 1, a new mortgage 'stress test' will mean that borrowers will have to be approved for a minimum qualifying rate of 5.25 per cent or higher.