What does the Bank of Canada’s rate cut mean for the housing market?

After the Bank of Canada cut the interest rate for the seventh time in a row Wednesday, experts say that’s good news for people looking to buy or sell a home in Canada.

Home prices have been stable for the past two-and-a-half years and according to Phil Soper, Royal LePage president and CEO, who spoke with CP24 on Wednesday, the situation will get even better.

“Financially, it’s going to make homes more affordable,” Soper says, noting the cost of borrowing has gone down, while wages and salaries have increased. “It’s not often if you look back at the last 50 years that housing actually gets more affordable in Canada and Southern Ontario, but that’s what’s happening.”

However, Soper says the disruptions from the actions of U.S. President Donald Trump will create “pressure” and “stress” for would-be buyers and sellers.

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