![Local market remains tepid despite rate cut](https://cdn.magzter.com/1704825715/1718869174/articles/Hez8CJIY61718875998421/LOCAL-MARKET-REMAINS-TEPID-DESPITE-RATE-CUT.jpg)
"There's little activity in terms of offers from buyers. They want to see another rate drop," says Toronto realtor Sean Mayers.
For months, real estate experts and economists debated the impact of the first Bank of Canada interest rate cut, with a large camp thinking buyers would return to the market as they did following last spring's two-month rate pause. If a pause in rate hikes could spur such activity, imagine the impact of a rate cut, experts warned.
But two weeks after the Bank of Canada cut the key overnight rate by 0.25 percentage points, the drop seems to have had little effect.
"There's a listing for a detached home near Avenue Road and the 401, in an amazing neighbourhood and priced competitively," said Sean Mayers, a realtor with Century 21 Regal Realty brokerage, based in Toronto.
"There's been showings, but there's little activity in terms of offers from buyers. They want to see another rate drop, and sellers are sitting on the sidelines waiting for more buyers to enter the market."
Post-rate cut, Toronto's real estate market is at a standstill, experts say, as affordability is stretched to near record high, hindering first-time homebuyers from entering the market. Sellers, hoping the rate cut would spur a run up in prices, continue to stubbornly price their homes above market value.
In May, sales were down 22 per cent year over year, a trend that will likely remain through out the year unless there are more significant rate cuts down the road, said John Lusink, president of Right at Home Realty.
هذه القصة مأخوذة من طبعة June 20, 2024 من Toronto Star.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة June 20, 2024 من Toronto Star.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
![Pleasure seeker](https://reseuro.magzter.com/100x125/articles/29971/1758963/HN_Z7bo7b1720433275797/PLEASURE-SEEKER.jpg)
Pleasure seeker
Toronto writer shares how sex can triumph over ableism and breakups
!['Just keep moving forward'](https://reseuro.magzter.com/100x125/articles/29971/1758963/XyklBGPlS1720433101822/JUST-KEEP-MOVING-FORWARD.jpg)
'Just keep moving forward'
After crash ended one dream, Wassermann found a new one and pursued it all the way to Paris
![New PM eves fresh start with EU](https://reseuro.magzter.com/100x125/articles/29971/1758963/SMJqu0o5A1720433013415/NEW-PM-EVES-FRESH-START-WITH-EU.jpg)
New PM eves fresh start with EU
Starmer seeks to strengthen trade, research and defence relationships with continent
![Fallout continues for WestJet](https://reseuro.magzter.com/100x125/articles/29971/1758963/CoaEO3pS61720432891087/FALLOUT-CONTINUES-FOR-WESTJET.jpg)
Fallout continues for WestJet
Travellers say customer service was almost unreachable following strike
![Biden makes plea for party unity](https://reseuro.magzter.com/100x125/articles/29971/1758963/v2WvgT2dD1720432800007/BIDEN-MAKES-PLEA-FOR-PARTY-UNITY.jpg)
Biden makes plea for party unity
President vows to campaign more often despite pressure from within party to step aside
![Protesters call for ceasefire, return of hostages in Gaza](https://reseuro.magzter.com/100x125/articles/29971/1758963/LNgOYfYqE1720432702007/PROTESTERS-CALL-FOR-CEASEFIRE-RETURN-OF-HOSTAGES-IN-GAZA.jpg)
Protesters call for ceasefire, return of hostages in Gaza
Demonstrators block highways, demand Netanyahu step down
![Dementia care gets $30-million boost](https://reseuro.magzter.com/100x125/articles/29971/1758963/HUcvDbZ561720432607832/DEMENTIA-CARE-GETS-30MILLION-BOOST.jpg)
Dementia care gets $30-million boost
Slaight Family Foundation donation will be split among seven organizations over three years
![Parliament faces threat of political paralysis](https://reseuro.magzter.com/100x125/articles/29971/1758963/jb0xEz84K1720432529216/PARLIAMENT-FACES-THREAT-OF-POLITICAL-PARALYSIS.jpg)
Parliament faces threat of political paralysis
Leftist coalition wins most seats but falls shy of majority
![Loved ones remember young father](https://reseuro.magzter.com/100x125/articles/29971/1758963/jfhE4Uk3m1720432436689/LOVED-ONES-REMEMBER-YOUNG-FATHER.jpg)
Loved ones remember young father
Community expresses anger, exasperation at loss of Ajay Simpson, 20, gunned down last month
![Jordyn Romano was also supposed to die that day'](https://reseuro.magzter.com/100x125/articles/29971/1758963/DWFD-DoC41720432250834/JORDYN-ROMANO-WAS-ALSO-SUPPOSED-TO-DIE-THAT-DAY.jpg)
Jordyn Romano was also supposed to die that day'
Shooting survivor faces boyfriend's accused killers in court