Bank of Canada’s Rate Cut Could Spur Housing Demand as Toronto Home Sales Fall in May

Bank of Canada’s Rate Cut Could Spur Housing Demand as Toronto Home Sales Fall in May
A home is shown for sale in Toronto’s West End on July 15, 2023. The Canadian Press/Graeme Roy
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Real estate market analysts say the Bank of Canada’s much anticipated decision to lower its key interest rate could be the sign that many would-be homebuyers have been waiting for to make their move.

The central bank announced the quarter-percentage-point cut on June 5, its first in more than four years, meaning its key interest rate now stands at 4.75 percent.