Predictions for the 2025 real estate market in Southwestern Ontario, Canada, hinge on various factors including economic conditions, interest rates, housing supply, and demographic trends. Here’s an overview of potential developments:

1. Continued Demand in Urban and Suburban Areas

• Population Growth: The region's population is expected to continue growing due to immigration and urbanization. This will keep demand high, particularly in cities like Kitchener-Waterloo, London, and Guelph.

• Workforce Migration: With hybrid and remote work becoming the norm, mid-sized cities with good infrastructure and quality of life, such as those in Southwestern Ontario, may see more demand from professionals relocating from larger urban centers like Toronto.

2. Stabilization or Moderate Increase in Home Prices

• Price Growth Slowdown: If interest rates remain elevated, price growth may stabilize compared to the rapid increases seen during the pandemic years. However, limited inventory could still push prices up in competitive markets.

• Affordability Concerns: Persisting affordability challenges may lead buyers to explore smaller towns or less expensive neighborhoods within the region.

3. Increased Importance of New Construction

• Supply Shortages: The supply of resale homes will likely remain tight, increasing the significance of new builds. Developers may focus on high-density projects like townhouses and condos in urban centers to address affordability and zoning constraints.

• Sustainability Features: Buyers, especially younger ones, will increasingly seek energy-efficient and eco-friendly homes.

4. Interest Rate Sensitivity

• Impact of Rates: The Bank of Canada’s interest rate policies will significantly influence buyer behavior. If rates remain high, this could suppress demand slightly, particularly among first-time homebuyers.

• Adjustments: More creative financing solutions, such as rate buy-downs or rent-to-own programs, may emerge to address affordability concerns.

5. Rental Market Strength

• High Demand: With affordability challenges, rental demand will remain robust. Southwestern Ontario may see more investors focusing on multi-family properties.

• Regulatory Changes: Possible government interventions in housing markets could impact landlords, with rent control or tax changes playing a role.

6. Government Policy Impacts

• Incentives for First-Time Buyers: Programs aimed at helping first-time buyers could stimulate demand in 2025, further supporting price stability.

• Immigration Targets: Canada’s aggressive immigration goals will sustain demand in the housing market, particularly in areas with job opportunities and good quality of life.

7. Technology and Marketing Trends

• Digital Engagement: The use of virtual tours, AI-powered marketing, and online platforms will grow in importance as buyers continue to start their home searches online.

• Real Estate Teams: Collaborative teams like Magnolia Group Realty could find new opportunities by leveraging digital tools to stand out in a competitive market.

Challenges to Watch

• Construction Delays: Labor shortages and material costs may slow down new builds.

• Economic Uncertainty: Any economic downturn or unexpected global events could impact market confidence.

Southwestern Ontario is likely to remain an attractive market due to its balance of affordability (compared to the GTA), growing infrastructure, and desirable lifestyle. Strategic planning and adapting to market trends will be key to thriving in 2025.

Recent changes to Canadian mortgage funding and policies in 2024 reflect efforts to address housing affordability and market flexibility. Key updates include:

1. Increased CMHC Insured Mortgage Cap: The cap for insured mortgages has been raised from $1 million to $1.5 million. This change enables buyers, particularly in high-cost markets like Toronto and Vancouver, to access larger loans with as little as a 5% down payment. This adjustment aims to make homeownership more accessible in these expensive areas.

2. 30-Year Amortizations for First-Time Homebuyers: The amortization period for insured mortgages has been extended from 25 to 30 years for first-time buyers. This reduces monthly payments, improving affordability, though it increases overall interest paid over the loan's term.

3. Removal of Stress Test for Mortgage Renewals: OSFI has removed the requirement for borrowers to pass the stress test when switching lenders during mortgage renewals. This change fosters competition among lenders, encouraging homeowners to seek better rates without added financial hurdles.

4. RRSP Home Buyer’s Plan: The withdrawal limit under the RRSP Home Buyer’s Plan has increased from $35,000 to $60,000, providing more support for first-time buyers to fund down payments.

These measures are designed to help both new buyers and existing homeowners navigate Canada’s housing challenges, though concerns remain about potential upward pressure on housing prices due to increased borrowing capacity.

The central bank is widely expected to lower rates again. Will it be 25 or 50 basis points?

By Fergal McAlinden

05 Dec. 2024

The Bank of Canada’s final interest rate decision of 2024 is drawing nearer – and with a fifth rate cut of the year seemingly all but a done deal, the only remaining question seems to be whether it will move by 25 or 50 basis points.

TD Bank economists believe a 0.25% reduction is on the way next week (December 11), although they view a bigger move as a distinct possibility, while BMO’s Shelly Kaushik also highlighted the likelihood of a routine 25-basis-point cut.

Royal Bank of Canada (RBC), meanwhile, said after the release of the latest national GDP figures that the continuing sluggishness of the Canadian economy pointed to a 50-point cut by the Bank to round out the year.

The central bank’s decision is being closely watched by hopeful homebuyers and mortgage professionals alike as they wait to see how far rates might slide.

How would a jumbo rate cut impact the market?

Still, even a so-called oversized cut of 50 basis points won’t materially change the outlook for plenty of buyers in the current market, according to Valko Financial founder Tracy Valko (pictured top).

She told Canadian Mortgage Professional that while many consumers had been tracking the news to see whether that supersized discount might arrive, a big cut almost certainly wouldn’t see an immediate flood of new homebuyers in the market.

That’s because the gap between lowest fixed and variable rates on offer in the market, even with a big Bank cut, means it’s still a better option to go with a fixed option – which isn’t directly impacted by the central bank’s rate policy.

“I tell any client right now: A lot of people are misunderstanding that bank prime,” Valko said. “The reduction in bank prime is not necessarily going to affect them on a preapproval because more than likely, most bank lenders and those in our broker space were approving people on fixed rates and it’s stress tested – fixed rates are still lower than where bank prime is.

“So even though a variable is a better product to take right now for a lot of clients because we know we’re in that declining rate environment, it’s not necessarily going to be an option of choice at the time of a preapproval because we want to help people get into homeownership – and it’s hard if that rate is stress tested and it’s still higher than where it should be right now.”

That’s not to say a further cut by the Bank of Canada wouldn’t be good news for the market. Valko is expecting a 25-basis-point reduction next week but wouldn’t be surprised by a larger move – “and the trend is decreases into 2025,” she said. “We have to understand that’s good momentum because that means we’re going to see [further progress] eventually.”

How have rate cut expectations changed in recent weeks?

The Bank of Canada has maintained a cautious tone on the prospect of further big rate reductions, with Governor Tiff Macklem’s suggestion that Canadians could “breathe a sigh of relief” on the economy hinting that its 50-point cut in October wouldn’t necessarily be repeated.

But a continuing economic slowdown – which saw growth dip to a 1% annualized rate in the third quarter compared with 2.2% in Q2 – has brought that prospect back into view.  

Even though the central bank has been unwilling to comment on the likelihood of an oversized rate reduction next week, it’s been candid about the likelihood of further cuts in 2025, something that Valko said could be keeping homebuyers on the sidelines as they wait for rates to fall further.

That’s especially the case, she added, with many Canadians on the fringes of the market at present thanks to current rates. “It’s a real struggle for a lot of people who want to take variable, and we can recommend it, but ultimately they don’t qualify,” she said.

“So they say, ‘I’ll sit on the side until I see a couple of other decreases.’ The hope of most Canadians out there that haven’t bought and want to buy is that they’ll see the trend of rates coming down into the beginning of 2025.”

• Last updated on: November 5, 2024

• Ann Nacario

Ontario is the east-central province of Canada, sharing its borders with the United States. It is home to some of Canada’s most popular destinations including the metropolitan city of Toronto, the Niagara Falls, and Canada’s capital Ottawa.

There can be several reasons for moving to Ontario. One might relocate for employment opportunities, top-notch healthcare, pursuit of education at some of Canada’s best universities, or to simply enjoy a new lifestyle with abundant outdoor activities.

However, moving to any new city or location involves a number of complications, such as finding the cheapest places to move to and ensuring it’s safe. As such, you need to be well-prepared to alleviate some of the stress you’re inevitably feeling.

In this article, we’ll give you a thorough overview of 7 things to know and do when moving to Ontario.

Featured in this article

1. First steps before moving to Ontario

Finding a job

Ontario is a great place to work due to its diverse industries and thriving economy. It boasts major cities like Toronto and Ottawa, as well as stunning natural scenery. With top-notch healthcare, social services, and a rich cultural scene, Ontario offers a high quality of life and excellent job prospects. Jobseekers can check websites such as LinkedIn and Indeed for a better understanding of the in demand jobs in the province.

Getting there

Below are some travel options to get to Ontario from different parts of the country, including:

Flying: Flying is the most convenient way to move to Ontario. Book a flight from your departure city to Ontario International Airport, depending on your destination within Ontario.

Train: You can also take the train with VIA Rail Canada as an alternative.

Bus: If you want another way to travel, Ontario has bus services like Busbud, and Ontario Northland, that can get you there.

Find a trusted removal company or van rental

Being able to move your entire home to a new place is one of the most stressful events in life. Finding a trusted moving company can be a time-consuming task. Save yourself time and energy by hiring a removal company or renting a van.

To find the moving company, look for good reviews, a professional-looking website and years of experience. Planning a move to Ontario? Check out some of the best moving companies in Ontario.

Local Transportation in Ontario

Public Transit in Ontario is managed by the Ministry of Transportation. The municipal transit system is divided into Conventional and Specialized services. Conventional services are those that serve the public during fixed hours. Specialized services are those that provide door-to-door transportation to individuals with disabilities or those who are otherwise eligible.

There is still quite a bit of confusion regarding the availability of ridesharing platforms like Uber in different Ontario cities. Uber is primarily available in nine cities and territories including Ottawa, Toronto, Hamilton, and a few others.

Must dos before your arrival

Moving to Ontario is an exciting yet challenging adventure, and preparing in advance can make your transition smoother:

• In Ontario, the provincial government provides settlement services to newcomers through settlement agencies. These services can be accessed by calling 2-1-1 as well. They are available before arrival, during relocation, and after settling.

• Gather all important original documents for you and your family members. Depending on your settlement location, translate these documents into English or French.

• Don’t forget to change your address with important private and government organizations.

2. Upon your arrival in Ontario

Must dos right upon your arrival

• Upon arrival, familiarize yourself with your new neighborhood by trying out the public transportation services.

• Explore community services such as settlement agencies, language programs, and cultural organizations to help you integrate into the community

• If applicable, register for educational programs or courses to improve your skills and get better career opportunities.

Exchanging your driver’s license

To get a driver’s license in Ontario, contact the Ministry of Transportation (MTO) to schedule an appointment, pay the fees, and take the knowledge and road tests at a DriveTest Centre or Travel Point (if required). ServiceOntario supplies driver’s licenses, health cards, and more, as provided by the Ontario government. Notify ServiceOntario of your new address to update your driver’s license and/or vehicle permit. Download the Ontario address change checklist to inform relevant agencies, service providers, and organizations of your move.

Setting up a bank account

Newcomers, temporary residents, and permanent residents in Canada should open bank accounts upon arrival or even before to avoid foreign currency conversion fees. While newcomers may initially use their Mastercard or Visa debit or credit cards from their home countries, it’s advisable to open a bank account in Canada with proper identification and specific documents, especially if you’re not yet a Canadian citizen or permanent resident.

RBC and TD have multiple branches to assist everyone.

Getting health insurance

Ontario, unlike most other provinces and territories, does not impose a waiting period for certain newcomers to access provincial healthcare. Upon arrival, newcomers can obtain a health card and receive free healthcare under a universal healthcare model. To apply for the Ontario Health Insurance Plan (OHIP), residents must visit a Service Ontario location with completed forms and qualifying identification documents.

With a health card, all public health services are typically free for Canadians, though certain medications and treatments may require out-of-pocket payments. Each province decides which services to include in its public healthcare insurance package.

The cost and coverage of private health insurance depend on several factors, such as your age, gender, lifestyle, pre-existing conditions, specific coverages, and the chosen provider.

Numbeo (Aug 2024), Hellosafe (2023) & Insurance Business (Apr 2023)

3. Best places to live in Ontario

Ontario is Canada’s busiest province because people from around the world go there for excitement in big cities and a strong economy. It can be pricey to live in Ontario but, you can still find nice, cheaper cities that are great places to live.

• Content verified by a local expert

Charlotte Ferguson REALTOR® and Co-Founder of Magnolia Group Realty

For those moving to Ontario, consider Waterloo Region as a local alternative to Toronto. It offers a lower cost of living, a growing tech sector, and easy access to public transit. Additionally, the region’s proximity to Toronto allows residents to enjoy metropolitan amenities without the high housing costs.

Setting up home services

To ensure a seamless transition of utility services when moving homes in Ontario, follow these steps: contact your current utility provider at least five days before your move to cancel service at your old address and give notice to retailers at least two weeks in advance if you have a contract with them; identify the utilities serving your new area using the Ontario Energy Board’s resources and provide them with necessary information like your name, new address, contact numbers, and government ID a week or two before your move, specifying the desired service start date and details of other occupants; and be prepared to pay setup fees for electricity or natural gas delivery, which may require a security deposit, although this might be waived for customers in good standing for a year or more.

Did you know that smart thermostats can help you save on your energy bill?

A smart thermostat helps regulate temperature throughout the day and night to reduce energy consumption and costs. TELUS SmartEnergy is an energy management solution that provides convenient control of your smart thermostats and smart plugs in one easy-to-use app, helping you lower your household budget through energy savings. 

Monitor and optimize your home’s energy use, identify consumption habits, automate energy-saving actions for your connected devices, and earn rewards by participating in energy-saving events.

Internet and mobile phones in Ontario

There are dozens of Internet Service Providers available across Ontario. Some of the most popular internet service providers in Ontario are Rogers, Bell, Cogeco, oxio or VMedia. To compare different rates, you can consult MovingWaldo to learn about the plans available at your new address.

Some of the most popular cell phone carriers in Ontario include Bell, TELUS, Fido, and Freedom Mobile. You can select a suitable carrier and cell phone plan for yourself by comparing them and checking the best internet providers in Ontario.

Numbeo (Aug 2024)

Should you rent or buy?

No matter where you choose to live, one of your most significant ongoing expenses will be housing prices, and this is no exception in any location. Ontario is often considered one of the most expensive provinces in the world when it comes to real estate and property prices.

Apartment rental has become pretty easy thanks to online platforms like RentBoard, RentCafé, Kijiji, and many others. In all of these platforms, you can filter your selections based on the type of property you want to rent, the neighborhood or city, and your budget. Plus, it is common practice in Ontario to hire a real estate broker to find your dream apartment, especially in the Great Toronto Area (GTA).

Below are the average property buying costs and rental fees in Toronto, the capital city of Ontario.

Cost of rent in Toronto

Numbeo (Aug 2024)

Cost of buying a property in Ontario

CREA (Aug 2024)

4. Cost of living in Ontario

Below are the monthly costs of living in Toronto, the capital city of Ontario.

Numbeo (Aug 2024)

5. The weather in Ontario

Ontario experiences four distinct seasons: spring, summer, fall, and winter. Spring (March to June) is often wet and rainy, requiring rain gear. Some areas may still see snowstorms, and temperatures can fluctuate significantly between day and night and from one day to the next.

• Spring (March 20 – June 20) is characterized by increasing temperatures, rain, and cool nights. Daytime temperatures start around 8°C in March and gradually rise.

• Summer (June 21 – September 21) brings hot and humid weather, especially in July and August. Daytime temperatures often exceed 20°C and can reach above 30°C in southern Ontario. Sun safety is important during this season.

• Fall (September 22 – December 20) sees cooler temperatures, shorter days, and changing leaf colors. Early fall may be rainy, while northern areas might experience snow as early as October. Temperatures decrease gradually, requiring jackets and umbrellas.

• Winter (December 21 – March 19) is cold, with frequent snowfall across the province. Temperatures often remain below 0°C, dropping as low as -30°C. Layered clothing and hats are essential for staying warm, especially for children.

Settlement.org (Feb 2024)

6. What to do as a local in Ontario

Once you’ve settled into Ontario, you can put your tourist hat on and explore the following sights and attractions.

• Visit Niagara Falls, undoubtedly one of Ontario’s (perhaps the world’s) the greatest gems.

• Take a boat tour of The Thousand Islands, a series of 1,800 small tree-covered islands dotting the St. Lawrence River. The location is ideal for swimming, boating, fishing, and scuba diving.

• If you enjoy theater and culture, you must check out the annual Stratford Shakespeare Festival, North America’s biggest classical repertory theater, which extends from April to October.

• Tour the Niagara Wine Trail during the warm months. This happens to be one of Canada’s two major wine regions.

• Explore Point Pelée National Park, one of Canada’s most biodiverse locations, featuring over 350 different species of migratory birds.

7. Fun facts about Ontario

• Fun Fact #1: Caribana, an annual parade held in Toronto, is the largest single-day parade in North America. The route for the parade is 3.6 kilometers long and the parade draws over a million participants and attendees.

• Fun Fact #2: Ontario stretches out for 415,000 square miles, making it larger than France and Spain combined.

• Fun Fact #3: With over a quarter of a million lakes, Ontario is home to 20% of the world’s freshwater lakes.

• Fun Fact #4: Following close behind New York and Los Angeles, Toronto is North America’s third-biggest city for film and other forms of screen production.

• Fun Fact #5: During World War II, the small town of Whitby was home to a secret school for spies called Camp X. Two of the school’s most famous students were Ian Fleming (author of the James Bond series) and Roald Dahl (celebrated author of Matilda, Charlie and the Chocolate Factory, and various other books).

Conclusion

Moving to Ontario offers a diverse range of opportunities and experiences. With its four distinct seasons, vibrant cities, and strong economy, Ontario presents a welcoming environment for individuals and families seeking new beginnings. However, it’s essential to consider factors such as job availability, housing affordability, and lifestyle preferences before making the move. Overall, Ontario’s rich cultural diversity, excellent healthcare system, and high quality of life make it an attractive destination for those looking to start afresh in Canada.

Are you moving soon? You may be searching for 5 Best Moving Companies in Toronto.

The initial Bank of Canada rate cuts this past summer did not spur housing activity as anticipated, but with an additional cut early September and potentially more on the way, they will continue to affect the housing market outlook.

New listing levels are expected to rise as sellers who may have held back enter the market with the hope that lower mortgage rates will attract additional buyers.

While the current Bank of Canada rate of 4.25% may still not be enough to make a dent in home affordability, it does provide a glimmer of hope for potential buyers as interest rates continue to fall.

In addition, while home prices have cooled a bit, home prices in Canada remain among the highest in the world’s most advanced economies (Japan, France, Germany, Italy, and the UK). These still -high prices have resulted in many potential first-time home buyers to withdraw for now. Higher property taxes, higher qualifying stress-test rates, and the current wave of mortgage renewals will also factor into how successful the Fall market will be. 

In 2023 alone, the country saw an influx of 46% of new Canadians, which also contributes to housing demands and pricing. As rates continue to drop, the hope is that prices will stabilize owing to increased supply as demand rises. 

If you are looking to get into the housing market as a buyer or seller, or simply have questions so you can best prepare yourself for a future move, don’t hesitate to reach out to me today!

In the last decade, climate change and energy efficiency have become top of mind for many Canadians. From wanting to do our part by recycling to making our home as energy efficient as possible, there are so many benefits to being environmentally and energy conscious.

If you are looking to cut costs or simply want to reduce your eco-footprint, here are some great ways to cut your energy costs:

• Get a Smart Thermostat: A pretty easy installation, a smart thermostat can help you better manage your in-home temperature. Whether you opt to install a basic programmable thermostat or try Google’s Nest, which learns from you and works to predict which temperatures you prefer and when, getting a read on your in-home temperature can help you better manage your energy usage.

• Look for Drafty Spots: When it comes to heating your home, it can quickly become a wasted effort and results in extra costs if you have drafts in your home. In addition to windows and doors, you should also seal any folding attic stairs, add a fireplace plug to seal the damper and install a dryer vent seal to reduce drafts in your laundry room.

• Swap to LEDs: Most of us are already using LED bulbs throughout our home. If you aren’t yet, now is the time to make the switch! LED bulbs use 15% less energy than an equivalent incandescent, which can save you a ton of money each month especially in larger homes.

• Turn Down Your Water Heater: While sometimes nothing beats a good scalding shower, you don’t want to be burned with a high energy bill. Did you know if you knock down that temperature gauge by just 10 degrees, you can save 3% to 5% on your bills each month!?

• Examine Your Appliances: Since 1992, ENERGY STAR® has been backing energy efficient appliances and products, helping consumers make the right choices. Some of the least green appliances in your home are your dishwasher, washing machine, dryer and refrigerator and, if you don’t currently have Energy Star certified versions of these machines, swapping to them is a surefire way to reduce your monthly expenses.

• Can’t afford new appliances? Here are some other tips and tricks to help make them more efficient in the meantime:
  
  

  • Dishwasher: Use a citric acid-based cleaner in an empty cycle to rid your dishwasher of excess soap and calcium buildup that may be causing your machine to work harder.
    
    Washing Machine: Maximize energy by stuffing your machine to the brim whenever possible as washing machines typically use the same amount of energy regardless of load size.
    
    Dryer: For starters, ensure you are always cleaning out your lint filter to increase air circulation. In addition, keep an eye on the outside exhaust and clean when needed to reduce drying time and save energy.

  • Refrigerator: While most of us are more concerned with the food inside our fridges than the parts, it is important to check your condenser coils. Over time, dirt, food particles and dust can collect and reduce the efficiency. Another tip is to set your refrigerator to 2-3 degrees Celsius.

• Close The Blinds: When the temperature starts heating up, it is important to close the blinds and drapes to prevent the sun from beating in and warming up your home. The excessive heat makes your air conditioner work overtime causing your energy bills to skyrocket.

In addition to the cost savings and environmental benefits of improving your energy efficiency, CMHC also has a rebate available! The CMHC Eco Plus refund can provide a 25% partial premium refund if you’re CMHC insured and buying or building an energy-efficient home! Click here for more details.

Published by DLC Marketing Team

October 15, 2024

Creating a pet-friendly home involves considering the comfort, safety, and well-being of your furry friends. Here are some features to consider:

• Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.

• Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.

• Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.

• Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.

• Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.

• Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.

• Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.

• Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.

• Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

Central bank announces jumbo cut

By Fergal McAlinden

23 Oct. 2024

The Bank of Canada has slashed its benchmark rate by 50 basis points, announcing the oversized cut amid continuing signs of a sluggish economy and plunging inflation.

The central bank revealed on Wednesday morning that it had cut its trendsetting interest rate to 3.75%, its fourth rate reduction in a row and the biggest single cut since the beginning of the COVID-19 pandemic more than four years ago.

Expectations of a larger-than-usual cut surged after overall inflation dipped below the Bank’s 2% target in September and stronger-than-expected jobs figures for the month failed to quell fears of a further economic slowdown.

The Bank’s last 50-basis-point cut took place in March 2020, when it trimmed rates to a rock-bottom 0.25% as the economy ground to a halt in the face of a looming pandemic.

Inflation has posted a big drop since hitting a four-decade high of 8.1% in June 2022, coming in at 1.6% last month (although Dominion Lending Centres chief economist Sherry Cooper told Canadian Mortgage Professional that was skewed somewhat by a dramatic drop in gasoline prices).

The economy probably only saw marginal growth in the third quarter, according to Cooper – and with unemployment also expected to tick higher in the months ahead, she signalled that today’s 50-basis-point cut was “the right thing to do.”

After announcing a salvo of rate cuts in 2022 and 2023 to tamp down inflation, the central bank has pulled the trigger on three consecutive 25-basis-point drops in June, July, and September before today’s move.

That’s provided welcome relief for scores of homeowners who’d seen borrowing costs spike during the Bank’s series of hikes – and also improved the outlook for hopeful homebuyers.

The Bank is scheduled to make its final interest rate decision of the year on December 6, with market watchers expecting cuts to continue in the coming months – and it indicated its view that the policy rate needs to fall further if the economy continues to evolve as currently forecast.

Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.