Canada’s national real estate association has slashed its sales forecast for the year following slower-than-expected activity in the spring.
Keisha Johnson, a mortgage broker with RTS Mortgage Financial in the Toronto region, said her clients are not facing much competition as they search for a new home. She said the only thing that might encourage buyers is lower interest rates. “The current monthly payments are just too high,” she said.
Additionally, the interest rate cut only had an immediate effect on variable-rate mortgages, which are currently more expensive than fixed-rate mortgages and have been falling out of favour with borrowers.
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