For the first time since May, we saw a promising increase in home sales across Waterloo Region last month. This positive development indicates a shift toward a more balanced housing market and renewed buyer confidence.
On Wednesday, October 23, Cornerstone was pleased to hear that the Bank of Canada reduced its policy rate by 50 basis points to 3.75 percent. This is the fourth consecutive cut since June and the largest decrease since March 2020. These rate cuts are certainly advantageous for those with variable mortgages and offer a ray of hope for homeowners facing mortgage renewals. However, it’s believed many potential buyers may hold off for even larger reductions, especially with upcoming mortgage reforms set to take effect on December 15, 2024.
