Karyl Fredelia

Mortgage Rates Prediction 2024 Canada. On wednesday, june 5, 2024, the bank of canada announced that it will be cutting its rate, bringing the policy rate to 4.50%. The bank will hold the target for the overnight rate at 5% for the first half of 2024 and will start making cuts in the second half of the year.

A subsequent raise followed in october, bringing the rate to 3.75%, and a final seventh hike of 0.50% on december 7 bringing the overnight rate. Our forecast calls for a decline [in house prices] in the fourth quarter of.