Majority of Canadians Skeptical About Rate Cut Effect on Affordability, House Sales: Survey

Canadians are skeptical that the recent Bank of Canada interest rate cut will have any effect on affordability or sales in the housing market, according to a new survey. Following last month’s cut from 5 to 4.75 percent—the first in four years—around three in four Canadians surveyed said they are doubtful the cut will lessen the load financially, according to the July survey by research firm Abacus Data. Seventy-two percent of the 1,550 Canadians surveyed said the cut will have little or no effect on the housing market overall, while 73 percent said the cut will not have a significant impact on the affordability of major purchases such as housing....