How will the Bank of Canada rate cut impact the real estate market?

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Real estate experts have mixed opinions on whether the Bank of Canada’s further reduction in borrowing costs will spur activity in the Canadian housing market.

David Burrows, president and chief investment strategist at Barometer Capital Management, speaks with BNN Bloomberg about the BoC's latest rate decision.

She added that she expects the rate cut will spur a “slight boost in activity” over the near term, followed by a more significant increase in buyer demand in the fall. While some real estate professionals anticipate the rate cut could drive demand in the housing market, others say borrowing costs are likely still too high.

“We haven’t seen this many listings on the market for a long time, and buyers that choose to purchase now will have more choice and less pressure than they would in a hot market,” Zlatkin said. Tran’s comments come following a significant slowdown in condominium sales in Canada’s largest real estate market. Last weekVariable mortgage products are currently a “great option” for individuals confident in the downward path of interest rates and who have the “financial bandwidth” to withstand any surprise interest rate holds or increases by Canada’s central bank going forward, Graham said.

 

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