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June’s interest rate cut didn’t revive Canada’s housing market, data shows

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Fresh home sales data has finally answered the question for real estate watchers: The Bank of Canada’s initial interest rate cut in June did not open the floodgates to buyers, many of whom remain sidelined through an unseasonably slow spring housing market.

Sales figures from local real estate boards released in the past week show last month’s home sales did not see much of an uptick after the Bank of Canada’s quarter-point cut on June 5, the first decrease in four years and a substantial shift in monetary policy after the central bank’s fastest tightening cycle on record.

“Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold,” the Toronto Regional Real Estate Board (TRREB) said in its monthly report that showed a year-over-year drop in June home sales.

The Real Estate Board of Greater Vancouver echoed findings of buyer hesitancy persisting in June, with home sales in the metropolitan market out west also holding below seasonal levels.

Global's Anne Gaviola has the details.

For more info, please go to https://globalnews.ca/news/10615309/june-rate-cut-canada-housing-market-impact/

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Category
U.S. & Canada
Tags
global news, Canada housing market, Canada condo sales
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