{"id":23266,"date":"2024-01-22T11:11:00","date_gmt":"2024-01-22T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23266"},"modified":"2024-01-18T10:25:22","modified_gmt":"2024-01-18T18:25:22","slug":"what-to-expect-from-2024s-1st-bank-of-canada-interest-rate-announcement","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/01\/what-to-expect-from-2024s-1st-bank-of-canada-interest-rate-announcement\/","title":{"rendered":"What to Expect from 2024&#8217;s 1st Bank of Canada Interest Rate Announcement?"},"content":{"rendered":"<p style=\"text-align: justify;\">The Bank of Canada (BoC) is set to issue the first interest rate update of the year next week on Wednesday, January 24.<\/p>\n<p style=\"text-align: justify;\">The announcement will come at 10 am ET.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s central bank held the key interest rate at 5% in the last update in December.<\/p>\n<p style=\"text-align: justify;\">It was the fourth consecutive rate hold of the year after Canadians saw seven interest rate hikes in 2022. In January 2023, another increase followed, bringing the key rate to 4.5%.<\/p>\n<p style=\"text-align: justify;\">The bank held its key rate at 4.5% \u2014 precisely as experts predicted \u2014 until June 7, when it was raised to 4.75%. On July 12, the BoC brought the key rate to 5%, with the bank rate at 5.25%, and on September 6, it announced that it was holding those rates.<\/p>\n<p style=\"text-align: justify;\">In a recent report, Oxford Economics researchers said they believe the 5% key rate will be held until the middle of 2024 when the BoC will trigger a cycle that lowers the rate.<\/p>\n<p style=\"text-align: justify;\">On Tuesday, Statistics Canada\u2019s Consumer Price Index showed that inflation had risen once again in Canada to 3.4%, which squashes hopes of an early dip in the rate but doesn\u2019t necessarily ring alarm bells for a possible hike.<\/p>\n<p style=\"text-align: justify;\">With this in mind, industry experts are almost sure another rate hold is coming.<\/p>\n<p style=\"text-align: justify;\">Ratehub.ca Co-CEO and President of CanWise mortgage lender James Laird shared his thoughts and expectations for the upcoming BoC announcement with Daily Hive.<\/p>\n<p style=\"text-align: justify;\">\u201cIt will be a shock if the BoC announces anything but a hold to the key overnight rate,\u201d shared Laird. \u201cWith the recent higher-than-expected inflation data, it will be interesting to see if they are \u2018prepared to raise the policy rate further if needed,\u2019 which they stated in previous announcements but dropped in December\u2019s announcement.\u201d<\/p>\n<p style=\"text-align: justify;\">He believes that if the BoC considers raising rates further, we can expect bond yields to push up and fixed rates to rise.<\/p>\n<p><a href=\"https:\/\/dailyhive.com\/vancouver\/boc-interest-rate-january-2024-preview\" target=\"_blank\" rel=\"noopener\">What to Expect from 2024&#8217;s First Bank of Canada Interest Rate Announcement?<\/a> by Dailyhive<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada (BoC) is set to issue the first interest rate update of the year next week on Wednesday, January 24. The announcement will come at 10 am &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/01\/what-to-expect-from-2024s-1st-bank-of-canada-interest-rate-announcement\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,13],"tags":[],"class_list":["post-23266","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect from 2024&#039;s 1st Bank of Canada Interest Rate Announcement? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/01\/what-to-expect-from-2024s-1st-bank-of-canada-interest-rate-announcement\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect from 2024&#039;s 1st Bank of Canada Interest Rate Announcement? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Bank of Canada (BoC) is set to issue the first interest rate update of the year next week on Wednesday, January 24. 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