Despite an interest rate cut from the Bank of Canada, the Toronto and Vancouver real estate markets aren't heating up just yet. Nivrita Ganguly has the details and more in Business Matters for July 4, 2024.cut in June did not open the floodgates to buyers, many of whom remain sidelined through an unseasonably slow spring housing market.
While many buyers in the market today have been able to secure fixed-rate mortgages below the five-percent bar, Soper expects rates on offer will have to start floating in the range of 4.0-4.5 per cent before buyers are confident enough to seriously test the market.“It probably will take an additional couple of rate cuts of that magnitude to start to make a real difference,” he says.
Meanwhile, the Prairies and Atlantic Canada — the beneficiaries of interprovincial migration — are seeing price increases amid hot competition for homes in cities like Edmonton and Calgary, Soper says.