https://realestatemagazine.ca/july-market-slowdown-nationwide-despite-junes-interest-rate-cut-gains/ Canada’s premier magazine for real estate professionals. Wed, 21 Aug 2024 15:12:57 +0000 hourly 1 https://wordpress.org/?v=6.6.2 https://realestatemagazine.ca/july-market-slowdown-nationwide-despite-junes-interest-rate-cut-gains/#comment-20135 Wed, 21 Aug 2024 15:12:57 +0000 https://realestatemagazine.ca/?p=33826#comment-20135 Clearly the recent 25 basis point cut has had zero impact…you could say it was just useless. It’s time for the Bank of Canada to get serious. To put the market into perspective, the Bank of Canada’s benchmark rate increased from 1.5% in June 2022 to 4.5% in January 2021 just before market peaked in February of 2022. The rate then was moved up to 5% and stayed there for nearly a year (the full impact of which has not been fully felt yet). From the peak of Feb 2022 average sale prices (broad market) have dropped roughly 20%, and inflation just hit a low of 2.5%. Expecting a 0.25% drop to make an impact is unrealistic, this country needs a lot of things and leaving the politics aside, it needs a Bank Rate cut in September with some teeth…50 Basis minimum! JMO

]]> https://realestatemagazine.ca/july-market-slowdown-nationwide-despite-junes-interest-rate-cut-gains/#comment-20134 Wed, 21 Aug 2024 11:34:23 +0000 https://realestatemagazine.ca/?p=33826#comment-20134 is August the bottom? or was July?

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