After five straight holds of the Bank of Canada's key interest rate that followed its hiking cycle of more than a year, economists say a rebound awaits the national housing market — but don't expect a big surge just yet.
But Sondhi said Canada's housing market is "akin to a bit of a coiled spring," noting sales activity and prices typically jump when there's a shift "that jolts the market" such as an interest rate cut. “At this point, it’s hard to know whether buyers are going to wait for a signal from the Bank of Canada or whether they're just waiting for the spring listings to hit the market."Greater Toronto Area-Realtor Dean Artenosi called the current moment a "tipping point where the worst is behind us." He said the central bank has signalled that interest rates have "levelled out" through its consecutive rate holds, and that has made buyers more optimistic.
The Vancouver real estate agent said many of his clients now find themselves in a holding pattern while waiting for rates to fall. He said others are weighing the pros and cons of buying before that point in time, which is expected to spur price growth amid lower borrowing costs. "I don't see it as much of an issue of being prudent or cautious, but more in terms of the budget constraint to buyers," said Hogue.
Artenosi said he's urging his clients not to wait. While borrowing conditions could be more favourable in the months to come, he warned of other factors, including Canada's growing population, that could make it more difficult to buy at an affordable price. As Canada’s Finance Minister Chrystia Freeland prepares to deliver the federal government’s budget next week, new data suggests overwhelming support for the Canada Disability Benefit, a form of financial support for people living with disabilities signed into law last June.Canada has yet to reunite a single family with relatives who are trying to escape conflict-racked Sudan, while diaspora groups are demanding the federal government do more to end a yearlong civil war.
A Powerball player in Oregon won a jackpot worth more than US$1.3 billion on Sunday, ending a winless streak that had stretched more than three months.Dawn Staley and South Carolina completed their perfect season, ending Caitlin Clark's historic college career with an 87-75 win over Iowa in the NCAA championship game Sunday.