Wednesday, and while the reduction is a step towards easing borrowing costs, industry experts caution that it will take time before any significant impact is felt in the housing market.and inflation. While the cut translates to slightly reduced borrowing costs, potentially making financing for new construction projects more accessible, analysts stress that the real impact of the cut will unfold gradually.
“You have to have the zoning, you have to have the materials, and you have to have the labour, so building more homes is going to take time. I don’t think you’re going to see a significant change anytime soon. It’ll slowly increase,” Dream Unlimited Corp. chief executive Michael Cooper said.However, Cooper explains that when the resale market is sluggish and houses are slow to move, it directly hampers the construction of new homes.
While the immediate effects of the rate cut might be muted, Reitzes says the long-term outlook offers more optimism. “If you look at the broader picture for housing, given where prices are, and given where rates are, one of the two of them probably needed to fall today, and it was rates. Whether that’s enough to really balance the market and bring supply and demand back into balance –– we’ll have to wait and see.
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