Many potential homebuyers in Toronto are eagerly waiting for the Bank of Canada to cut interest rates, hoping it will make mortgages more affordable. Experts believe, if the Bank of Canada starts cutting rates quickly in the second half of 2024 and into 2025, it could provide a boost to the real estate market.
Market Ready for Change: With inflation dropping to 2.7% in April, there’s speculation that the Bank of Canada might announce a rate cut on June 5. This could significantly impact the GTA housing market. If the Bank of Canada starts cutting rates quickly in the second half of 2024 and into 2025, it could provide a boost to the real estate market. Many buyers are waiting for concrete signs that the Bank of Canada will lower borrowing costs, which would help them meet their affordability goals. Sales can get a from their house sale once prices increase.
Conclusion: A potential rate cut by the Bank of Canada could bring much-needed relief to prospective homebuyers in Toronto, making housing more affordable and stimulating the real estate market. Buyers and sellers alike are closely watching the central bank’s next move, hoping for favourable changes in the near future.
For further details or assistance with the real estate in the GTA, feel free to contact
Paul Bendavid
RE/MAX Realtron Realty Inc.
Cell: 647-988-7355
Office: +1 905 539 9511
Address: 183 Willowdale Ave, Toronto, Canada.
