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Spring housing market stalls as homebuyers remain on the sidelines

Canada’s spring housing market has experienced an unexpected slowdown as many homebuyers wait for the Bank of Canada's anticipated rate cut. In May, home sales dropped significantly in major cities like Toronto (-12.7%) and Vancouver (-19.9%), with Ottawa and Montreal also seeing slower activity. Economists believe that buyers are hesitating due to high interest rates and economic uncertainty.

Despite the overall decline, Calgary stood out with a 7.3% increase in sales. However, rising inventory levels are beginning to impact average home prices nationwide. Experts predict that prices may stay flat until multiple rate cuts revive buyer confidence.

The market’s future trajectory will depend on how quickly buyers return and how they respond to the rate adjustments. For now, the Canadian housing market remains in a holding pattern, with potential for changes as economic conditions evolve. 



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