2024 Canada Mortgage Rate Forecast | What You Need to Know

As expected, the Bank of Canada decided to maintain the key interest rate at 5.00%, signaling a pause. The market is now expecting the bank to start cutting interest rates in the spring. After the meeting, bond yields took a further downward trend, indicating that previous rate hikes are finally impacting the incoming. With a slower GDP, and inflation not being at the 2% target, its likely the bond will continue to drop into 2024.

For those eyeing the housing market 🏠, this could be a golden opportunity to benefit from lower house prices before the anticipated lower interest rates drive prices up. If you’re in the market for a new home or have a mortgage renewal coming up, consider locking in a rate now.

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