Real estate experts say the Bank of Canada will need to cut the interest rate by a full percentage point to stimulate sales.
At least a full percentage point drop is needed to stimulate the market, which could be reached by the end of the year, said John Lusink, president of Right at Home Realty. On Wednesday morning, the Bank of Canada dropped the key overnight rate by another quarter percentage point, bringing it to 4.5 per cent.
"It's not a surprise that the Bank of Canada lowered its rate, but I'm disappointed it wasn't a 0.5 percentage-point drop," Lusink said.
"That would have really stimulated the market. Will this recent rate cut have a dramatic effect on sales? No, I don't think so. It's still wait and see for a lot of people." That's because mortgages rates, while lowering, are still high for many people, said Leah Zlatkin, mortgage broker and Lowest Rates.ca expert. Homeowners with a variable rate mortgage, which is tied to the Bank of Canada's prime rate, will see an immediate impact on their mortgage payments. And for buyers interested in opting into a variable-rate mortgage, the lowest variable rates will decrease to about 5.75 per cent.
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Disgraceful behaviour on Parliament Hill
‘Was it you or not?’ Jagmeet Singh confronts heckler on Parliament Hill, Sept. 17
How to Fix our Congestion Crisis - Toronto has some of the worst congestion on the continent, Coun. Brad Bradford writes. Fixing it requires common sense and better planning and prioritization at the top.
Toronto has one of the world’s best film festivals but as stars like Will Ferrell pointed out, we also have some of the world’s worst traffic. He joins a long list of international celebrities, professional athletes and musicians that have echoed the concerns of thousands of residents forced to do battle with Toronto’s gridlock everyday.
Rogers' Power Play- Company will have near-lock on city's pro sports with buyout of Bell's stake in MLSE
One man is now poised to control every major men’s pro sports team in Toronto. Edward Rogers will have achieved his long-desired goal of total power over Maple Leaf Sports & Entertainment (MLSE), if a $4.7-billion deal to snap up Bell Canada’s 37.5 per cent stake is completed, making Rogers Communications the majority owner of the Maple Leafs, Raptors, Argonauts and Toronto FC.For a decade, MLSE’s board had been split between Rogers, Bell and MLSE chair Larry Tanenbaum’s Kilmer Sports.
'It Was a Recipe for this Incident' - GO riders blame construction for crowded platform where woman hit
The GO Transit platform where a woman was struck by an express train on Tuesday has been partially closed for several months due to construction at the station, causing crowding during rush hour.Toronto police said the 46-year-old woman was walking near the edge of the platform at Long Branch GO Station when she was hit by an express train bypassing the station at around 8:15 a.m. She was rushed to hospital in life-threatening condition. No update on her condition was available Wednesday.
Weakened Liberal Party Saved by BQ - Who would have thought Canada might be saved from an election by the only political party that seeks to break up the country?
Prime Minister Justin Trudeau has a chance to keep his Liberals in power thanks to Bloc Québécois Leader Yves-François Blanchet. On Tuesday, without engaging any of the parties in substantive negotiations, the Liberals decided to lay the future of the government on the tracks of the oncoming Conservative train. They tempted the fate not just of their own political lifespan, but also that of all the policies they say they want to accomplish: a more compassionate and responsive immigration system; action to curb greenhouse gasses; a school food program; a pharmacare program that provides free contraception and diabetes medication; better (though inadequate) disability payments; and the entrenchment of a dental care program that has seen a huge uptick of subscribers.
At Least We'll All Know Who to Blame - Edward Rogers has become Toronto sports fans' one-stop target for owner-bashing
Sports needs characters we can root for, and characters we can blame, writes Edward Keenan. Rogers buying Bell's MLSE stake will supply more of the latter, starting with chairman Edward Rogers.For a sports fan, there’s something satisfying about that. For years with the Leafs in particular, the owner was a pension plan, and it was hard to tell if its controlling executives (never mind the teachers whose money they were spending) cared about hockey one way or the other. And whether they did or not, how could you figure out who was responsible for what they did as a result?
Lebanon is Rocked Again by Deadly Exploding Devices - Israel acknowledges 'new phase in war'; civilians among dead
Walkie-talkies and solar equipment exploded in Beirut and other parts of Lebanon on Wednesday in an apparent second wave of attacks targeting devices a day after pagers used by Hezbollah blew up, state media and officials for the militant group said. At least 20 people were killed and more than 450 wounded in the second wave, the Health Ministry said.
Feds Impose New Limits on International Students - Immigration Minister Marc Miller has announced new limits on international students Wednesday, saying Canada is facing an untenable number of people wishing to come here.
Enrolment cuts, work permit restrictions will further slow population growth. Immigration Minister Marc Miller has announced new limits on international students Wednesday, saying Canada is facing an untenable number of people wishing to come here.Canada will reduce the annual cap on study permits by another 10 per cent in 2025 and restrict eligibility for international graduates' work permits to better meet labour market needs, amid continuing public pressure to tame runaway population growth.
Bloc Will Vote to Prop up Liberals - Bloc Québécois Leader Yves-Francois Blanchet, said he does not have confidence in Prime Minister Justin Trudeau's minority government, but believes he can use the situation to push for his party's priorities.
Leader says he will oppose Tory motion to bring down Trudeau government. Bloc Québécois Leader Yves-Francois Blanchet, said he does not have confidence in Prime Minister Justin Trudeau's minority government, but believes he can use the situation to push for his party's priorities.
Dutcher wins second Polaris award
Singer donating prize to school in New Brunswick
