10 Jan 2024 Recap: A Year of Recovery and Growth
Posted at 21:25h
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If 2023 was about resilience, 2024 became the year of recovery for Canada’s housing market. The Bank of Canada delivered five rate cuts, lowering the policy rate from 5.00% to 3.25% and reducing the prime rate to 5.45% with most lenders. These adjustments eased borrowing costs, giving the market a much-needed boost.
Inflation also improved significantly, dropping to 2.0% by November, a stark contrast to its mid-2022 peak of 8.1%. This decline helped ease financial pressures for households and brought greater stability to daily expenses.
