Some real estate analysts say a reduction in the Bank of Canada’s key interest rate could be the sign many would-be homebuyers have been waiting for, while others believe more cuts are necessary before there is major movement in the market.
“Likely this rate announcement will make some consumers — both buyers and sellers — more confident to make their next move. It’s been years since buyers have had this much choice, and with prices staying stable and rates going down, it’s a great time to buy or sell.” He is, however, anticipating a bit of an uptick this month as some buyers on the sidelines start to enter the market, which he describes as well-balanced with a decent amount of inventory and a fairly normal number of sales in the capital region. “Hopefully markets can remain in balance for the rest of the year.”
Canada’s economy is facing headwinds from the mortgage renewal cycle and continuing higher payments for many homeowners, Yu said.The Bank of Canada will continue its cuts to limit unnecessary damage to the economy but that will take time, Yu said. “We all have to start somewhere. It feels like a page is turning in this world, but it is just the beginning, hopefully.”
Some of Canada’s largest cities have seen ballooning home listings in recent months from droves of sellers listing their properties, despite demand from potential buyers not keeping up.
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