Overview

• The Bank of Canada lowered its benchmark interest rate to 4.25%, marking the third consecutive cut.
• Real estate experts believe that the current rate cuts are insufficient to significantly boost housing market activity.
• High home prices and debt levels continue to deter potential buyers despite lower borrowing costs.
• Fixed-rate mortgage holders will not see immediate benefits until renewal, while variable-rate holders see slight relief.
• Economists predict further rate cuts may be necessary to stimulate the housing market and broader economy.