The Bank of Canada lowered its benchmark interest rate for the second consecutive month, cutting it by 25 basis points to 2.25%. Despite the easing, policymakers signal that this could mark the end of the rate-cut cycle, citing worsening U.S. tariffs and persistent economic pressure.
While lower borrowing costs may make mortgages more affordable, analysts like Phil Soper of Royal LePage caution against expecting a dramatic surge in home sales. Concerns over job security and economic uncertainty continue to weigh heavily on Canadians.
The Greater Toronto Area’s condo market has entered a deep slump, with preconstruction sales plummeting to a 30-year low. Developers point to high fees, slow approvals, labour shortages, and steep construction costs as major hurdles. Investor-driven demand, once booming, has also cooled.
In Vancouver, the condo sector faces similar headwinds. Several major projects have stalled or been cancelled, leaving thousands of completed units unsold. Some developers have responded by converting condo plans into rental buildings, aided by government support.
Elsewhere, a rare real estate opportunity has emerged: a 2,000 sq. ft. unit in Toronto’s historic Loretto Abbey—a century-old building with a storied past—is now on the market, blending heritage architecture with modern design.
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