Mortgage rate: Recent Bank of Canada interest rate cut has not sparked demand, report says [Video]

When Denis Dignard recently put his home up for sale just outside of Ottawa, he was excited the Bank of Canada was dropping its key interest rate for the first time in over four years.

“There’s a lot of homes on the market right now. There’s a ton of homes, and there’s no action,” said Dignard.

Despite the quarter-point cut, there has been no rush of buyers. Dignard notes “if you owe $1 million, they say, okay, we’re going to take $25,000 off that million dollars, you still owed a pile of money. So, (the interest rate cut) really didn’t generate a lot of, activity. We were disappointed, that’s for sure.”

After 30 showings and no offers on his home, Dignard and his partner decided to drop their asking price and added a few amenities to reel in potential buyers.

“We had to not only lower price, we had to …