Bank of Canada’s Rate Cut Did Not Revive the Real Estate Market [Video]

#bankofcanada #canadianrealestate #canadahousingmarket

Canada’s real estate market did not take off following the Bank of Canada’s interest rate cut due to its failure to affect a) buying power, and b) buyer psychology – this according to a new report from Royal LePage.

Links:

The spring market that never was: Canadian real estate remains in prolonged catch-up period as buyers idle on the sidelines:

https://www.royallepage.ca/en/realestate/news/the-spring-market-that-never-was-canadian-real-estate-remains-in-prolonged-catch-up-period-as-buyers-idle-on-the-sidelines/

Inventories rebuilding fast in Canada’s largest housing markets:

https://thoughtleadership.rbc.com/inventories-rebuilding-fast-in-canadas-largest-housing-markets/

The results are in: June’s rate cut didn’t revive Canada’s housing market:

https://globalnews.ca/news/10615309/june-rate-cut-canada-housing-market-impact/

GTA home sales down 16% in June despite interest rate cut: TRREB:

https://www.cbc.ca/news/canada/toronto/june-home-sales-gta-down-1.7254255

Home sales down, inventory sky-high for June in Metro Vancouver, Fraser Valley:

https://globalnews.ca/news/10601965/home-sales-down-inventory-up-metro-vancouver-fraser-valley/

How will the Bank of Canada’s rate cut impact homebuyer sentiment?:

https://www.mpamag.com/ca/mortgage-industry/industry-trends/how-will-the-bank-of-canadas-rate-cut-impact-homebuyer-sentiment/493321

Will the Bank of Canada’s interest rate cut spur the housing market?:

https://financialpost.com/real-estate/bank-of-canada-interest-rate-cut-housing-market

Would-be homebuyers are in limbo and only the Bank of Canada can free them:

https://financialpost.com/real-estate/mortgages/bank-of-canada-would-be-homebuyers-limbo

Royal LePage president predicts ‘material lift’ in home sales after BoC rate cut:

https://www.theglobeandmail.com/business/article-royal-lepage-president-predicts-material-lift-in-home-sales-after-boc/

Real estate mogul Barbara Corcoran predicts interest rate cut could create a surge in home prices:

https://finance.yahoo.com/news/real-estate-mogul-barbara-corcoran-predicts-interest-rate-cut-could-create-a-surge-in-home-prices-153050003.html

Posthaste: Sellers are swarming Canada’s housing market — especially in these cities:

https://financialpost.com/news/sellers-rush-back-canada-housing-market

Phil Soper is Storeys’ ‘top dog’ of Ontario real estate:

https://blog.royallepage.ca/phil-soper-is-storeys-top-dog-of-ontario-real-estate/

Phil Soper named one of real estate’s most influential leaders on the 2024 Inman Power Players list:

https://www.royallepage.ca/en/realestate/news/phil-soper-named-one-of-real-estates-most-influential-leaders-in-the-2024-inman-power-players-list/

Home prices will return to pandemic peak by end of 2024: report:

https://web.archive.org/web/20240227170532/https://www.bnnbloomberg.ca/home-prices-to-rise-next-year-more-sharply-in-second-half-of-2024-royal-lepage-1.2011578

Consumer price index:

https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Policy interest rate:

https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
Metro Vancouver home sales decline in June as inventory hits pre-pandemic levels: GVR:

https://realestatemagazine.ca/metro-vancouver-home-sales-decline-in-june-as-inventory-hits-pre-pandemic-levels-gvr/

‘Mere mortal’ Toronto home sellers resist waiting for fall market:

https://www.theglobeandmail.com/real-estate/toronto/article-toronto-home-sellers-resist-waiting-for-fall-market/

GTA home sales drop & new listings surge in June, first-time buyers await further rate cuts:

https://realestatemagazine.ca/gta-home-sales-drop-new-listings-surge-in-june-first-time-buyers-await-further-rate-cuts/

Toronto condo sales fall 28% in June as market slump felt across all types of housing:

https://financialpost.com/real-estate/toronto-homebuyers-interest-rate-cuts-june-sales-prices-fall

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