Rates still too high for many buyers

Report finds homebuyers are waiting for bigger interest cuts

- SAMMY HUDES

Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest rate last month did not lead to a rush in demand.

The latest Royal LePage house price survey released Thursday, detailing market trends across Canada during the second quarter, said demand continues to outpace supply in the Prairies and Quebec, but Toronto and Vancouver saw slower-than-usual activity this spring.

Phil Soper, president and CEO of Royal LePage, said prices have remained sticky in Canada’s largest markets.