1. Blog
  2. Edmonton Video Blog
  3. Edmonton’s Outlook: Bank of Canada’s 2024 Rate Freeze

Edmonton’s Outlook: Bank of Canada’s 2024 Rate Freeze

Bank of Canada Leaves Rates Steady

Josh and Jay Discuss The Bank Of Canada rate announcement.

Re-watch our live  YouTube stream from yesterday.

Understanding the Bank of Canada’s 2024 Rate Announcement

On Wednesday, January 24th, the Bank of Canada made its first rate announcement of 2024. After a period of aggressive rate hikes throughout 2022 and 2023, the Bank decided to maintain the current rate again. However from what the Bank told us a potential shift in its monetary policy may be approaching.

Steady Rates Amid Economic Uncertainty

The decision to keep rates unchanged comes at a time when the Canadian economy shows signs of stalling, with growth having slowed significantly since mid-2023. This economic deceleration is largely attributed to reduced consumer spending, which has been impacted by higher interest rates and inflation.

Economic Indicators and Forecasts

Despite the steady rates, there is a shared anticipation of possible rate decreases later in the year, contingent upon economic recovery and inflation trends. The Bank of Canada’s commentary during the announcement provided insights into the economic challenges facing the country, including high core inflation and the need for sustained easing.

Implications for Edmonton’s Housing Market

For Edmonton and the broader Alberta region, the Bank’s announcement is particularly relevant. The stability in interest rates may offer some relief for those with variable rate mortgages and home equity lines of credit, and presents an opportune moment for strategic decision-making in the housing market.

Looking Ahead

The economic landscape for 2024 remains uncertain, with several factors influencing potential rate adjustments in the coming months. Analysts and economists closely monitor these developments, offering predictions on when the Bank might alter its rate policy in response to economic indicators.

The recent announcement underscores the importance of staying informed about economic trends and being prepared to adapt to changes in the financial environment. As the year progresses, Canadians will benefit from closely watching the Bank of Canada’s moves, especially those planning to buy or sell property in the near future.



Josh Tagg has been the owner of Mortgages For Less since 2006. During that time Josh has developed a reputation for being an industry leader and advocate for client education.


You May Also Like