Quick answer
On January 24, 2024, the Bank of Canada held its policy (overnight) rate at 5.00%. Inflation (CPI) was running at 2.9% (core 3.7%) and unemployment was 5.7% at the time.
Josh and Jay framed 2024 as the year the direction likely shifts: after all those increases, the conversation was finally turning from “how high” to “when do cuts start.”
The rate path (2021–2024)
The Bank of Canada policy rate over the 2½ years around this decision. It sat at 5.00% here.
Inflation vs the 2% target
Total CPI and the Bank's core measure against its 2% target — the “why” behind the decision. Inflation was 2.9% at the time.
Heads up: this covers the decision on January 24, 2024. Rates move constantly — for the rate and options that apply to you today, book a call.
Frequently asked
Did the Bank of Canada cut interest rates on January 24, 2024?
No — on January 24, 2024 the Bank of Canada held its policy (overnight) rate at 5.00%.
What was the Bank of Canada's policy rate in January 2024?
5.00% — the target for the overnight rate, with inflation (CPI) around 2.9%.
What does a rate hold mean for my mortgage?
If you're in a variable-rate mortgage, a cut lowers your rate (and payment or the interest portion) right away, while a hold leaves it unchanged. If you're on a fixed rate, it matters most at renewal. For what it means for your specific situation, book a call with Josh.