According to mortgage experts, the Bank of Canada's decision to keep its key interest rate unchanged for the second time in a row, after rates started rising in March 2022, is expected to increase activity in Canada's real estate markets. An expert from Ratesdotca, a mortgage rate comparison website, believes that the decision to hold the rate at 4.5 per cent will send a signal to buyers and sellers that rates have reached their peak, potentially leading to more sales. Another expert from LowestRates.ca, a rival comparison site, predicts that the housing market will pick up in densely populated regions such as Montréal and the Greater Toronto Area. This comes after a period of buyers staying on the sidelines due to higher interest rates, which have made borrowing more expensive. Recent sales figures from real estate boards in Toronto and Montréal also suggest that buyers are starting to show renewed interest in the sluggish market.
