Quick answer
On July 24, 2024, the Bank of Canada cut its policy (overnight) rate to 4.50%. Inflation (CPI) was running at 2.5% (core 2.8%) and unemployment was 6.4% at the time.
As promised back on June 6th, Josh and Jay reconvened to break down the move and the practical action steps for buyers watching their rate.
The rate path (2022–2024)
The Bank of Canada policy rate over the 2½ years around this decision. It moved to 4.50% 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 2.5% at the time.
Heads up: this covers the decision on July 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 July 24, 2024?
Yes — on July 24, 2024 the Bank of Canada cut its policy (overnight) rate to 4.50%.
What was the Bank of Canada's policy rate in July 2024?
4.50% — the target for the overnight rate, with inflation (CPI) around 2.5%.
What does a rate cut 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.