Rate Cut & National Market Update
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Rate Cut & National Market Update
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The Canadian housing market shows signs of recovery with five consecutive months of sales gains, but it's not a full-on boom. The Bank of Canada cut interest rates on September 17th from 2.75% to 2.5%, which will provide some relief to variable-rate mortgage holders, with another cut expected on October 29th.
- Rising Supply vs. Modest Sales Growth: While August sales were up 1.1% from July (strongest August since 2021), new listings climbed 2.6% - more than double the pace of sales increase, shifting market power toward buyers.
- Price Stabilization: Home prices are under softening pressure with the national benchmark Home Price Index essentially flat (down 0.1% month-over-month) and 3.4% lower than a year ago.
- Rate Cut Impact: The recent interest rate cut will ease pressure on variable-rate mortgage holders ($15 less per $100K in monthly payments), but won't immediately solve the oversupply issue that's driving market conditions.
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