After five straight holds of the Bank of Canada's key interest rate that followed its hiking cycle of more than a year, economists say a rebound awaits the national housing market — but don't expect a big surge just yet.
"There's significant pent-up demand out there, particularly in Ontario and B.C., so it just takes a bit of a spark." Greater Toronto Area-Realtor Dean Artenosi called the current moment a "tipping point where the worst is behind us." He said the central bank has signalled that interest rates have "levelled out" through its consecutive rate holds, and that has made buyers more optimistic."The mood and the mindset, the psyche, is that we're back to a normal market," said Artenosi, co-owner of Coldwell Banker The Real Estate Centre Brokerage.
"We can all feel pretty confident that not making a change yet, as much as people might wish. But maybe we'll get some more information in their press release of where their heads are at and when we might see that Bank of Canada rate come down," said Hill. "I don't see it as much of an issue of being prudent or cautious, but more in terms of the budget constraint to buyers," said Hogue.