Condo towers in downtown Vancouver on July 25, 2024. The Canadian Press/Darryl Dyck
The 2 million Canadians set to renew their mortgages soon will see only modest relief after the Bank of Canada slashed interest rates for the first time since March, with real estate experts also warning housing affordability will remain relatively unchanged.
Bank of Canada Governor Tiff Macklem announced on Sept. 17 that it would lower rates from 2.75 percent to 2.5 percent because of a softening labour market, lowered inflation pressures, and less upside risk to inflation because of Ottawa removing retaliatory tariffs on the United States.
