Find out about Canada’s bank interest rates for 2024 in this article. It covers the expected changes in interest rates across various Canadian banks. You’ll also find other important information about the topic.
Canada Bank Interest Rates 2024
The Bank of Canada announces changes to its interest rates eight times a year. They also issue a press release explaining why they’ve decided to change or keep the rates the same.
Currently, the Bank’s interest rate is set at 5%, and the inflation rate stands at 3.1% as of October 2023. The Bank has stated that it intends to stick with its policy of gradually reducing economic stimulus measures.
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What Are the Projected Interest Rates Changes in Various Canadian Banks?
Canadian banks adjust their interest rates based on decisions made by the Bank of Canada. When the Bank of Canada sets its target for the overnight rate, banks often follow by changing their own interest rates and prime rates accordingly. This means that the rates you see at your bank can shift depending on what the Bank of Canada decides.
However, each bank may offer slightly different interest rates. These rates are influenced by changes in the Bank of Canada’s policies. They affect various types of loans available in the market, like prime rates, GIC interest, savings rates, and deposits.
Experts suggest that because of stable interest rates, the Bank of Canada might lower rates next year. Currently, the bank rate remains at 5¼%, and the deposit rate is set at 5%.
Recently, the Bank of Canada mentioned that global inflation has risen further. They also noted that the global economy continues to slow down.
In Canada, economic growth slowed around mid-2023. Business investment was unstable, and job creation lagged behind the increase in the workforce.
By the end of 2023, it was clear the economy wasn’t overheating. Seeing signs of easing price pressures, the Bank of Canada chose to keep interest rates steady.
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Not only did they hold rates steady, but they’re also working to balance the bank’s books. However, the council that made this decision remains worried about inflation risks. They’re ready to raise rates if those concerns materialize.
Additionally, the council in charge is focusing on balancing how much stuff is available and how much people want to buy right now, along with raises in pay, expectations about prices going up, and other things like that. Plus, the Bank of Canada is working hard to make sure prices stay steady for Canadians.
More details about changes to how much money costs will be out on January 24, the next day set for talking about what’s going on with overnight rates.
During this update, the bank will talk about risks to their guesses, what they think will happen with prices and the economy, how much money costs, rules about money, and lots of other stuff too.
Interest Rate Announcement
The Bank of Canada will reveal changes to interest rates on specific dates. The first announcement is set for January 24, 2024.
Following that, the next announcement will be on March 6, 2024. After that, another update on interest rates is scheduled for April 10, 2024.
Schedule for 2024 –
- January 24 – Interest Rate/Monetary Policy Report
- March 6 – Interest Rate
- April 10 – Interest Rate/Monetary Policy Report
- June 5 – Interest Rate
- July 24 – Interest Rate/Monetary Policy Report
- September 4 – Interest Rate
- October 23 – Interest Rate/Monetary Policy Report
- December 11 – Interest Rate
You can find the historical records of how the Bank of Canada has changed its monetary policies on their website. They also share important updates about interest rates there.
Explore the Overnight Rate Data Targets from 2022 to 2023:
| Date | Target |
| July 13, 2022 | 2.5% |
| September 7, 2022 | 3.25% |
| October 26, 2022 | 3.75% |
| December 7, 2022 | 4.25% |
| January 25, 2023 | 4.5% |
| March 8, 2023 | 4.5% |
| April 12, 2023 | 4.5% |
| June 7, 2023 | 4.75% |
| July 12, 2023 | 5% |
| September 6, 2023 | 5% |
| October 25, 2023 | 5% |
| December 6, 2023 | 5% |
Since July 12, 2023, the interest rate has stayed the same. There could be a change in the next announcement. They’ll also explain what’s causing the change and tell us the new rate.