2024 Mortgage Interest Rate Forecast Canada. The bank of canada (boc) announced on july 24, 2024 that it would be cutting its overnight lending rate to 4.5%, following a similar.25% cut in june. There is growing agreement amongst analysts that the bank of canada’s first cut to the policy interest rate could come during the scheduled june 2024.
A median of responses expects the bank of canada to maintain its policy rate at 4.50% for the remainder of 2023 before it begins to cut rates in 2024. As noted above, 2024 could be the year of interest rate relief.