{"id":88412,"date":"2024-07-25T17:19:17","date_gmt":"2024-07-25T21:19:17","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=88412"},"modified":"2024-08-27T09:40:19","modified_gmt":"2024-08-27T13:40:19","slug":"bank-of-canada-monetary-policy-report-what-it-means-for-everyday-canadians","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-monetary-policy-report-what-it-means-for-everyday-canadians\/","title":{"rendered":"Bank of Canada Monetary Policy Report: What It Means for Everyday Canadians"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/finding-home\/\">\n\t\t\t\t\t\t\t<span>Finding Home<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Bank of Canada Monetary Policy Report: What It Means for Everyday Canadians<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A stack of gold coins in front of a Canadian flag\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg 6240w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/07\/MONETARY-POLICY_july-2024.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Bank of Canada Monetary Policy Report: What It Means for Everyday Canadians &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-monetary-policy-report-what-it-means-for-everyday-canadians\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-monetary-policy-report-what-it-means-for-everyday-canadians\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 25, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h2 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Recent interest rate cuts were widely expected given a cooling of inflation.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The Bank of Canada indicates inflation in Canada is moving closer to its target of 2%. As of June 2024, it sits at 2.7%<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>As inflation has come down, the economy has also weakened and unemployment rates have risen \u2013 especially among newcomers and youth.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Interest rates are expected to continue to decrease over the remainder of 2024 into 2025. These should help alleviate the pressure on existing borrowers and bring more optimism to prospective homebuyers.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>The Bank of Canada (BoC) <a href=\"https:\/\/static.bankofcanada.ca\/uploads\/pdf\/mpr-2024-07-24.pdf\" target=\"_blank\" data-dig-id=\"LP-88412-d07d4191\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Monetary Policy Report\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Monetary Policy Report<\/a> offers insight into the economic conditions that influence their decisions regarding interest rate. The Monetary Policy Report was released along with the announcement of the interest rate cut on July 24, and shares the influences behind the most recent rate cut, the drivers of future (possible) interest rate cuts, and where Canada stands when it comes to housing, inflation and the general economy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A note about Canada\u2019s monetary policy and inflation<\/h2>\n\n\n\n<p>The objective of Canada\u2019s monetary policy is to promote the economic and financial well-being of Canadians. To reach this objective, the country needs a low and stable inflation environment. The Bank of Canada has set the inflation target at 2% &#8212; the midpoint of their 1% &#8211; 3% target range.<\/p>\n\n\n\n<p>In recent years, inflation has dramatically exceeded this range, which has affected interest rates \u2013 the consistent interest rate raises in 2022 and 2023 were an effort to try to curb inflation in Canada.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Where Canada stands today\u2026<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">\u2026On interest rates<\/h4>\n\n\n\n<p>The Bank of Canada <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-announces-another-interest-rate-reduction-offering-more-positive-signs-for-homebuyers-and-owners\/\" data-dig-id=\"LP-88412-d7285c70\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"cut its benchmark interest rate\" class=\"rbc-link-format\">cut its benchmark interest rate<\/a> to 4.5% on July 24 in response to slowing in the economy, softening in the labour markets and a drop in inflation. The interest rate cut is the second straight rate cut announced by the BoC and is a good signal for borrowers, homeowners and prospective homebuyers.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2026 On inflation<\/h4>\n\n\n\n<p>Inflation has come down from its peak of 8.1% in June 2022 to 2.7% in June 2024, steadily moving closer to the 2% target in response to monetary policy. Looking ahead, Bank of Canada Governor Tiff Macklem says Canadians can expect inflation to come down further (although not necessarily in a smooth, downward trajectory). And if it continues to ease broadly as expected, more interest rate cuts may be in store for Canadians.<\/p>\n\n\n\n<div class=\"wp-block-group mar-b-hlf has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">What does declining inflation mean for Canadians? <\/h4>\n\n\n\n<p>A lower rate of inflation doesn\u2019t mean prices of everyday goods and services are going to go down \u2013 but it does mean that prices won\u2019t be rising as sharply as they have in the past. In fact, inflation at about the 2% range is considered healthy and a sign of stability. When inflation is in this range, growth in prices is low, stable and predictable. This allows households and businesses in Canada to make better decisions when it comes to saving, spending and investing, and therefore promotes economic prosperity.<\/p>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\">\u2026 On unemployment<\/h4>\n\n\n\n<p>As of June, 2024, the unemployment rate in Canada sits at 6.4% &#8211; a rise from a low of 5% in June 2022.&nbsp; This increase can be attributed to a sharp pullback in hiring activities &#8212; indeed, businesses in Canada have been reporting subdued sales expectations for some time. This is largely a result from households reducing their spending after having to contend with rising interest rates and debt -servicing expenses. This in turn, has led to a decline in the demand for labour.<\/p>\n\n\n\n<p>While the rise in unemployment isn\u2019t necessarily a surprise given a weaker economy, it does represent a challenging situation for many workers, particularly youth and newcomers. The unemployment rates for newcomers and youth have risen to 11.6% and 13.5% respectively, highlighting a difficulty both groups share in finding work this summer.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2026 On housing<\/h4>\n\n\n\n<p>The decrease in interest rates is a positive sign for buyers looking to enter the market, as payments become more affordable.<\/p>\n\n\n\n<p>Canada experienced a slow spring resale market. However, the number of new listings did rise month over month in June, likely driven by sellers anticipating greater market activity as rates continue to come down.<\/p>\n\n\n\n<p>Currently, there is some excess supply and time will tell whether this second interest rate cut will spark more activity in the housing market. Renovation spending has been weak lately, driven by higher costs of borrowing, but this too may turn around with interest rates starting to decline.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">So, what does this all mean for everyday Canadians?<\/h4>\n\n\n\n<p>There appears to be increasing confidence that inflation is coming down to where it needs to be, and in turn, interest rates are expected to continue decreasing. For Canadians, this means that the cost of borrowing (in the form of mortgages, loans, lines of credit) should come down, while the growth in cost of everyday goods and services (food, gasoline, shelter expenses) will remain relatively stable. While you won\u2019t see a big drop in your grocery bill, neither will you be shocked by rapidly rising costs with each visit to the grocery store.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-6c8aae0c-1cbc-4e9d-85e1-d88de4b893cd\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Bank of Canada Monetary Policy Report: What It Means for Everyday Canadians &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/bank-of-canada-monetary-policy-report-what-it-means-for-everyday-canadians\/\">\n        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\t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-8d304a83-5cbd-4f90-8de2-5fff9dbd1201\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/finding-home\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Finding Home<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-next-home\/\">\n\t\t\t\t\t\tBuying Your Next Home\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/buying-your-next-home\/mortgage-renewal-why-locking-in-early-could-be-right-for-you\/\" class=\"card-title h4 mar-t-0\">Mortgage Renewal: Why Locking in Early Could be Right for You<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-6c8aae0c-1cbc-4e9d-85e1-d88de4b893cd {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-6c8aae0c-1cbc-4e9d-85e1-d88de4b893cd {\n\t\t\theight: 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Read the highlights here, including how policy is working to ease pricing pressures on Canadians.<\/p>\n","protected":false},"author":80,"featured_media":88413,"parent":57326,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[550,57],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[58],"rbc_difficulty_level":[33],"rbc_mmm_category":[310,336,322,303,393,406,379],"class_list":["post-88412","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-finding-home","tag-home-ownership","rbc_content_type-article","rbc_lob_group-mortgage","rbc_difficulty_level-beginner","rbc_mmm_category-buying-a-home","rbc_mmm_category-buying-your-first-home","rbc_mmm_category-economics-101","rbc_mmm_category-goals-aspirations","rbc_mmm_category-inspired-investor","rbc_mmm_category-smart-saving","rbc_mmm_category-understanding-interest-rates"],"acf":{"contently_publication_id":"314088","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"On July 24, 2024 the Bank of Canada released its latest edition of the Monetary Policy Report. 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