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Here’s how would-be homebuyers are responding to the Bank of Canada rate cut

The Bank of Canada recently reduced interest rates by 0.25%, the first cut in over four years, aimed at easing borrowing costs for prospective homebuyers. This move is seen as a response to the ongoing challenges in the housing market, where high prices and borrowing costs have kept many out of the market. However, a new Ipsos poll for Global News reveals that most Canadians remain cautious about diving into the housing market despite the rate cut.

According to the poll, 63% of respondents still feel that the current interest rates are too high to consider purchasing a home. This sentiment reflects broader concerns about housing affordability, even with the reduced rates. Many Canadians believe that further cuts would be necessary to make a significant impact, highlighting the persistent challenges in the housing sector. The cautious optimism indicates that while the rate cut is a step in the right direction, it may not be enough to spur widespread homebuying.

Moreover, the poll reveals that only a small fraction of Canadians are considering entering the housing market due to the recent rate cut. This suggests that the psychological impact of high housing costs continues to deter many potential buyers. The findings underscore the need for more comprehensive measures to address affordability issues in the Canadian housing market, beyond just interest rate adjustments. The Bank of Canada's move is seen as a positive development, but it appears that more substantial efforts are required to make homeownership a viable option for a larger segment of the population.

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