Interest Rate Cuts 2024 Canada. December 11, 2024 bank of canada reduces policy rate by 50 basis points to 3¼% december 11, 2024 monetary policy decision press conference opening statement. For canadians with variable rate mortgages, rate cuts can mean more of their money goes toward the principal on their mortgage, and less towards interest.

The bank of canada today reduced its target for the overnight rate to 3¾%, with the bank rate at 4% and the deposit rate at 3¾%. Governor tiff macklem says if the economy continues to improve, canadians can expect more.