The Bank of Canada’s recent rate cuts didn’t quite spark the housing market as expected, but more cuts could still impact things. With lower mortgage rates on the horizon, we might see more people purchasing homes this Fall.
Even though the current 4.25% rate hasn’t made homes significantly more affordable yet, falling rates offer a glimmer of hope. Canadians are eagerly waiting for further cuts to make buying more doable.
Home prices have cooled slightly but are still high compared to average income. This has pushed many first-time buyers to wait it out. Higher property taxes, stress-test rates, and upcoming mortgage renewals will also play a role in the fall market.
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