The Bank of Canada is getting closer to cutting interest rates as inflation shows signs of coming down and staying down, the central bank's governor, Tiff Macklem, told MPs Thursday. Macklem's upbeat tone could be good news for homeowners and would-be buyers who have been forced to buy or refinance a home with interest rates at 20-year highs. WATCH: Bank of Canada wants to see 'sustained' progress against inflation, Macklem says Bank of Canada wants to see 'sustained’ progress in fight against inflation, Macklem says Duration 1:04 Tiff Macklem, governor of the Bank of Canada, says he knows people want answers about when rates in Canada might change. "Interest rates are certainly not going to the emergency low levels we had during COVID. "Canadians should not be expecting a rapid decline in interest rates," he said.
