In the Canadian economy, one must know about the mortgage rates. Mortgage rate is the interest rate on housing loans. When someone wants to buy the home and they do not have enough money or funds to buy it then what the citizens can do is they can take the loan from the banks. These Canada Bank Interest Rates 2024 or mortgage rate on the housing loan. Generally these rates depend on the market type and the economy. In this post we will talk about the Canadian Economy and We will check the Mortgage Rates in Canada. Also we will know changes made to these rates in 2024 and in previous years. We will look at housing rates in different Canadian Provinces. Check this post for Canada Revised Mortgage Rates 2024.
Canada Revised Mortgage Rates 2024
Mortgage rates directly depend on the inflation rate in the economy. There is a positive or direct relationship between Mortgage rates and inflation rates. It means that when in an economy inflation increases due to that the mortgage rate also rises in an economy. As there are inflationary cycles from past year which make the mortgage trend to increase but from June 2024 this inflation rate decreases which affects the change in mortgage rate. Due to inflation the rent in the economy rises. In December 2023, the housing rate of inflation in Canada was 7%. In this post we will look at the changes made to these mortgage rates and what are the determinants of Mortgage rate? Refer this article to check Canada Revised Mortgage Rates 2024.
Canada Mortgage Rates 2024 – Overview
| Title | Canada Revised Mortgage Rates 2024 |
| Year | 2024 |
| Country | Canada |
| Revised Mortgage Rates in Canada 2024 | Check the post |
| Announced by | CEO of Bank of Canada |
| Post Category | Finance |
| Official Web portal | www.bankofcanada.ca |
Here’s Revised Mortgage Rates in Canada 2024
Here you will find when and at what rates the mortgage rate is revised. As in the Canadian economy the inflation rate was high till May 2024 but after that from June 2024 these trends of inflationary cycles seem to decline. In the first half of this year the Bank of Canada cut the rate by 0.25 points and in the second half of this year the Bank of Canada again cut the rate by 0.25 Points. In May 2024 this mortgage rate was at 5% and when in June 2024 inflation decreased this rate also decreased by 0.25 points and amounted to 4.75%. Following that in July 2024 this rate again declined by 0.25 points as of inflation decline trend and amounted at 4.50%. Now in Canada the borrowing becomes cheaper and this encourages the spending on housing and investment in housing. Tiff Macklem who is CEO of Bank of Canada expressed his views and said if the same inflation trend is seen in future then the more rate cuts will be seen in Mortgage Rates. The Canadian economy grew by 1.5% in the first half of this year and the population grew by 3%. This can be seen that the population rate has doubled up from the economic growth rate. This can show that there is more supply than demand in the nation. Now we will see some provinces housing sales and mortgage rates:
Ontario: In Ontario the home sales rose by 10.1% and new residential listings in June became 39,164. It means that in Ontario the sales for the homes then rose as in April there were only 38,445 new listings.
British Columbia: This province shows a decline in residential units by 19%. From last year the increase only showed up by 1%.
Alberta: In the province of Alberta there are positive home sales and 6.3% is the housing sale rate.
Mortgage Rate 2024
Here we will check the Mortgage Rate 2024 with the past mortgage rates:
| Date | Rate | Change |
| 24th July 2024 | 4.5% | -0.25% |
| 5th June 2024 | 4.75% | -0.25% |
| 10th April 2024 | 5% | – |
| 6th March 2024 | 5% | – |
| 24th January 2024 | 5% | – |
| 6th December 2023 | 5% | – |
| 25th October 2023 | 5% | – |
| 6th September 2023 | 5% | – |
| 12th July 2023 | 5% | +0.25% |
| 7th June 2023 | 4.75% | +0.25% |
| 12th April 2023 | 4.5% | – |
| 8th March 2023 | 4.5% | – |
Upcoming Mortgage Rate Announcement Schedule 2024
| Dates | Description |
| 4th September 2024 | Announcement of rate |
| 23rd October 2024 | Announcement of rate with Report of Monetary Policy |
| 11th December 2024 | Announcement of rate |
| 29th January 2025 | Announcement of rate with Report of Monetary Policy |
| 12th March 2025 | Announcement of rate |
| 16th April 2025 | Announcement of rate with Report of Monetary Policy |
| 4th June 2025 | Announcement of rate |
| 30th July 2025 | Announcement of rate with Report of Monetary Policy |
| 17th September 2025 | Announcement of rate |
| 29th October 2025 | Announcement of rate with Report of Monetary Policy |
| 10th December 2025 | Announcement of rate |
FAQ Related To Canada Revised Mortgage Rates 2024
Yes, Inflation rate positively or directly affects the interest rate.
Mortgage rate depends on inflation, type of property, competition, GDP, credit history, type of loan and many more.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.