Greater Toronto area home sales fell in April for a third straight month and prices crept up, as over two-decade high interest rates kept the lid on housing ...
OTTAWA - Greater Toronto area home sales fell in April for a third straight month and prices crept up, as over two-decade high interest rates kept the lid on housing market recovery in Canada 's main metropolitan region, data showed on Thursday.
Home sales rose strongly in December and January, pointing to a revival in the market in anticipation of interest rate cuts by the Bank of Canada. But the frenzy fizzled out from February as slower than expected cooling in inflation and a relatively strong economy pushed back bets of a rate cut.Economists and analysts are expecting the first 25-basis-point cut in interest rate by the Bank of Canada in June or July.
Money markets are betting that there is more than 50% chance of a rate cut in June, while a cut in July is fully priced in. Bank of Canada governor Tiff Macklem says Canadian interest rates don't have to match U.S. or global rates, but there is a limit to how much they can diverge. Macklem made the comments while testifying before the House of Commons finance committee today. The governor says Canada is nowhere close to the limit when it comes to how much Canadian and American interest rates can differ.
Bank Of Canada Greater Toronto Area Canada Overnight Rate Previous Month Housing Market Recovery
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