In Canada there are various citizens who have less money and these citizens might have a dream to buy a home, car, office or many more. Now citizens have a shortage of funds. What can they do now? There are various options available to them, they can take loans from banks, they can sell the unused items or many more. But if these funds will be sufficient, NO! When you have a dream to buy a new house or car, you need more funds and then you have the option to take loans from banks. But the citizens might be afraid of higher interest rates. Now, no worries as the Bank of Canada lowers its Interest Rate. Yes, this is absolutely true. The Bank of Canada issues the interest rate and these rates are revised 8 times in a Year. The dates have been already decided by the Bank of Canada for this. In this guide we will check the Canada Interest Rate Chart 2024 with its history and also we will know some factors which might affect the interest rates in Canada.
Canada Interest Rate Chart 2024
In Canada the Interest Rates are declining day by day as there is more supply of the funds. As the Canadian Economy seems to be in deflation and this deflation can be curbed with the lower interest rates. In the past Years the interest rate was higher and now this interest rate is lowered by the Bank of Canada. When these interest rates get lowered it gets easy for the citizens to take loans and this makes the borrowings from banks more affordable and cheaper. If you also need huge amounts of money then this is the right time to take out a loan from the banks. The last revision in Interest Rates was made in July 2024 but soon in September 2024 the Bank of Canada will make modifications to the interest rates. It is expected that this time the interest rate will also be decreased by the officials. In this guide we will know the interest rate modifications throughout this year and also we will know when Officials will make a schedule to change the interest rates. We will check the prevailing interest rates. Check this full guide to know about Canada Interest Rate Chart 2024.
Canada Interest Rate Chart 2024- Overview
| Title | Canada Interest Rate Chart 2024 |
| Year | 2024 |
| Name of the Country | Canada |
| Name of the Authority | Bank of Canada |
| Post Topic | Interest Rate |
| Current Interest Rate | 4.5% |
| Post Category | Finance |
| Official Web Portal | www.bankofcanada.ca |
Current Interest Rate 2024
The Current Interest Rate is 4.5% which is reduced from 4.75%. This interest rate was lowered in the month of July, 2024. This lowered interest rate will cheaper the borrowings and the more investments will be made by the citizens. As the interest rate and inflation have a direct relationship. It means that when inflation in the nation rises the interest rate will also rise but in July the interest rates are lowered it means that the inflation is declining. These reduced interest rates can make the purchases more affordable. The larger amount may be invested by the citizens.
Interest Rate History 2024
This interest rate was constant from July 2023 till April 2024. But after april the inflation in the country declines and this results in the decline of the interest rates. Now in the country the interest rate has declined and it is expected that in future these rates will also get lowered. Now we will check the history of these Interest rates:
| Year | Month | Scheduled Revision Date | Interest Rate | Change in Interest Rates |
| 2024 | July | 24th | 4.5% | -0.25% |
| 2024 | June | 5th | 4.75% | -0.25% |
| 2024 | April | 10th | 5% | – |
| 2024 | March | 6th | 5% | – |
| 2024 | January | 24th | 5% | – |
| 2023 | December | 6th | 5% | – |
| 2023 | October | 25th | 5% | – |
| 2023 | September | 6th | 5% | – |
| 2023 | July | 12th | 5% | +0.25% |
| 2023 | June | 7th | 4.75% | +0.25% |
| 2023 | April | 12th | 4.5% | – |
| 2023 | March | 8th | 4.5% | – |
Canada Interest Rate Schedule 2024
The Interest Rates in Canada are revised as per the scheduled date provided by the Bank of Canada and this schedule is already shared by Bank of Canada. This schedule is given below for upcoming months:
| Year | Scheduled Dates | Months | Announcements |
| 2024 | 4th | September | Rate Announcement |
| 2024 | 23rd | October | Rate Announcement with Monetary Policy Report |
| 2024 | 11th | December | Rate Announcement |
| 2025 | 29th | January | Rate Announcement with Monetary Policy Report |
| 2025 | 12th | March | Rate Announcement |
| 2025 | 16th | April | Rate Announcement with Monetary Policy Report |
| 2025 | 4th | June | Rate Announcement |
| 2025 | 30th | July | Rate Announcement with Monetary Policy Report |
| 2025 | 17th | September | Rate Announcement |
| 2025 | 29th | October | Rate Announcement with Monetary Policy Report |
| 2025 | 10th | December | Rate Announcement |
Future Interest Rate Look 2024
As we say there is a decline in Rates from April. Now citizens might want to know the next interest rate. The Bank of Canada will soon provide the new interest rate on the fourth of September this year. Will this Interest Rate hikes or decline? As per the reports it is expected that this interest rate will be lowered by more than twenty five points. This results in 4.25% interest rate on the fourth of September . But this may be true as there is no confirmation. If we see the economy and various economist statements then this is the preferred interest rate that will prevail in the nation.
FAQ Related To Canada Interest Rate Chart 2024
The Bank of Canada provides the Canada interest rate.
The new Interest rates will be issued on forth September.