Current Mortgage Rates
* Lowest Rate applies to excellent credit rating, Excellent FICO score, and a strong income, It is by no means a guarantee.
* Average Rate applies to an average rate calculated based on the top ten (10) largest lenders
Today's Bank of Canada Rate: 3.00% Updated February 4th, 2025*
Latest Update: January 28, 2025
The Bank of Canada reduces Its Policy Rate by 0.25% to 3%.
The Bank of Canada (BoC) reduced its policy rate and announced that it will end its policy of quantitative tightening by early March. December’s annual inflation was 1.8%, down from 1.9% in November and 2% in October.
The Bank of Canada reduced its Policy Rate.
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Canada’s unemployment rate has risen from a low of 5% at the beginning of 2023 to 6.7% in December 2024 and is likely to increase further as the country faces the potential risk of a trade war with its largest trading partner.
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Canada's GDP grew by only 0.26% in the third quarter of 2024, following increases of 0.55% in the second quarter and 0.51% in the first quarter. However, these growth rates lagged significantly behind population growth, which was 0.4%, 0.6%, and 0.6% in each of those quarters, respectively. This indicates that per capita economic output has declined.