As Canadians watch for possible central bank rate cuts in 2024, the CEO of CWB Financial Group says people are being “very careful as they’re looking at their decisions on investing.”

In an interview with BNN Bloomberg, Chris Fowler said CWB has seen “a lot of credit being paid down and not a lot of debt being taken on” among its customers.

Now that the Bank of Canada has held interest rates steady at five per cent for four consecutive decisions, Fowler said the current rate environment seems to have some “push and pull.”

“I think they definitely gave signs in the last announcement last week that they see the economy not being overheated. They’re seeing some excess supply,” he said Monday.

From a real estate development perspective, Fowler said he’s noticed a lot of thought going into deciding when construction projects should go forward.

To watch the full interview with Fowler, watch the video above.