Housing market activity has been subdued amid rate hikes, but real estate experts say Wednesday’s cut will boost buyers’ confidence
Housing market activity has been subdued during the central bank’s interest rate hiking period. Sales have been below the 10-year average for about two years, especially in normally busy markets like Toronto.
Although the central bank only cut its benchmark interest rate by 25 basis points to 4.75 per cent on Wednesday, the real estate industry expects it will give buyers confidence that borrowing costs are on their way down. Announcing the decision to lower interest rates, Bank of Canada Governor Tiff Macklem said the bank did not want monetary policy to be more restrictive than it needs to be to get inflation back to its 2 per cent target.
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