Interest Rate Cut Hasn’t Led to Rush of Homebuyer Demand Yet: Royal LePage Report

Published on July 11, 2024

Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest rate last month did not lead to a rush in demand. The latest Royal LePage house price survey released on July 11, detailing market trends across Canada during the second quarter, said demand continues to outpace supply in the Prairies and Quebec, but Toronto and Vancouver saw slower-than-usual activity this spring. Phil Soper, president and CEO of Royal LePage, said prices have remained sticky in Canada’s largest markets. “This spring, with bank rate cuts highly anticipated, we saw some buyers race to get a deal done ahead of an expected spike in demand,” said Mr. Soper in a press release....

Continue reading on website
Other news

Starmer Says Government Will Cooperate and Pose ‘Robust Challenge’ With China

July 11, 2024
The government will switch between cooperation and “robust challenge” when dealing with China, Prime Minister Sir Keir Starmer said on Wednesday.Sir Keir made the remarks during his first foreign trip as prime minister to attend NATO’s 75th anniversary summit in Washington.The Labour government’s approach will be “cooperation where it is necessary,” Sir Keir told reporters, noting that “it is on i

Canada Commits to Purchase of New Submarines at NATO Summit

July 11, 2024
Ottawa is taking its “first steps” to ramp up its Arctic defence with the purchase of up to 12 conventionally powered, under-ice capable submarines, the federal government has announced.Canada has begun the process of meeting with manufacturers in its bid to acquire a larger, more modernized submarine fleet, the defence ministry said July 10 from the NATO Summit in Washington, D.C.The announcement