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Rate cut had almost no effect on Toronto housing market, agents say. Here’s what it would take to get it moving again

Despite a recent rate cut, the Toronto housing market remains largely stagnant, according to real estate agents. They observed that the expected boost in home sales did not materialize, with many potential buyers still hesitant due to high prices and economic uncertainty. The rate cut was intended to make borrowing cheaper and stimulate market activity, but it fell short of expectations.

Agents attribute the market's lackluster response to several factors. High property prices continue to deter first-time buyers, while existing homeowners are reluctant to sell amid fluctuating economic conditions. Additionally, stricter mortgage lending rules and higher down payment requirements have made it challenging for buyers to secure financing, further dampening market activity.

Experts suggest that more substantial measures are needed to reinvigorate the market. Potential solutions include easing mortgage restrictions, providing incentives for first-time buyers, and increasing housing supply to meet demand. These steps could help alleviate some of the financial pressures on buyers and encourage more transactions.

Overall, while the rate cut aimed to spur growth in Toronto's housing market, it proved insufficient. Real estate agents and experts believe that a combination of policy changes and market adjustments are necessary to achieve a significant turnaround and make housing more accessible for potential buyers.



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