Bank Of Canada Prime Rate 2024. As a result of the latest rate hold, the prime rate in canada will remain at 7.2%. The prime rate at most canadian lenders will now drop to 6.45% from the current 6.7%, and variable mortgage rates should lower in kind.
The honourable chrystia freeland, deputy prime minister and minister of finance, today announced a suite of reforms to mortgage rules to make mortgages. At its july 24, 2024, rate announcement, the bank of canada once again cut its key lending rate by 25 basis points to 4.50%.
