Will Mortgage Interest Rates Drop In 2024 Canada. Could we see a decrease in mortgage interest rates in 2024? After the bank of canada cut its overnight rate to 4.5% on july 24, the question is how much will variable rates decrease.
The market consensus on the mortgage interest rate forecast in canada is for the central bank to cut rates by 0.25% from 4.25% to 4% at their october 2024 meeting. Over 2024, higher interest rates would reduce household spending and thus bring down the aggregate demand in the canadian.