{"id":24027,"date":"2024-06-03T11:11:00","date_gmt":"2024-06-03T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24027"},"modified":"2024-05-31T10:03:28","modified_gmt":"2024-05-31T17:03:28","slug":"will-sellers-buyers-respond-if-bank-of-canada-interest-rates-are-cut","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/06\/will-sellers-buyers-respond-if-bank-of-canada-interest-rates-are-cut\/","title":{"rendered":"Will Sellers &amp; Buyers Respond If Bank of Canada Interest Rates are Cut?"},"content":{"rendered":"<p style=\"text-align: justify;\">The anticipation is building ahead of next week\u2019s Bank of Canada (BoC) rate announcement, and real estate experts speculate it could mean a major shakeup for Metro Vancouver\u2019s housing market.<\/p>\n<p style=\"text-align: justify;\">After Canada\u2019s central bank kept the key interest rate at 5% in January, March, and April, Adil Dinani, a sales representative at Royal LePage West Real Estate Services, emphasized that Canada needs a rate cut.<\/p>\n<p style=\"text-align: justify;\">However, even if they do, \u201cwe\u2019re gonna need more than one rate cut to send a clear signal that rates are on a downward trend.\u201d<\/p>\n<p style=\"text-align: justify;\">We\u2019re probably gonna need a series of rate cuts,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The number of homes actively listed in Metro Vancouver has reached an almost four-year high, according to Greater Vancouver Realtors (GVR). A previous release reported that as of April, home listings are 26% above the 10-year seasonal average.<\/p>\n<p style=\"text-align: justify;\">According to Dinani, the combining factors which have led to the major supply of listings are \u201ccapital gains tax, Airbnb, [and] sellers starting to come to market realizing that rates are probably going to be higher for longer.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cWe always talk about pent-up demand, but we have pent-up supply on the seller side because a lot of sellers were hoping for optimal market conditions,\u201d he said. \u201cThey were hoping that by now we would have seen one or two rate cuts and prices would be trending higher.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019ll be very interesting to see how things play out over the balance of the year. But I do think that rates are coming down,\u201d Dinani added.<\/p>\n<p style=\"text-align: justify;\"><strong>How will Buyers and Sellers Respond?<\/strong><\/p>\n<p style=\"text-align: justify;\">Jonathan Cooper, president of Macdonald Realty, suggested that next week, \u201ca quarter point reduction in rates won\u2019t have a dramatic impact on mortgage rates overnight &#8230;.. it\u2019s not going to drastically decrease the purchasing power of buyers.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cI think you\u2019ll get some buyers to stimulate their search\u2026 and so I think you may see some uptick in activity,\u201d he said, but added that overall impact of a small interest rate cut will be muted.<\/p>\n<p style=\"text-align: justify;\">So, if there is a small interest rate cut, \u201cyou\u2019re not going to see a huge escalation in prices\u201d because there\u2019s a lot of supply in the market,\u201d Cooper said.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Cooper suggested that British Colombians who have just been browsing for a new or first home might soon get serious amid a possible rate cut.<\/p>\n<p style=\"text-align: justify;\">He added that homeowners who are unsure whether or not to list their property might soon \u201cjump off.\u201d This way, they would be the first in line for interested home buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cIt will provide some psychological support for buyers,\u201d Cooper said.<\/p>\n<p style=\"text-align: justify;\">The expert also advises renters that if they have enough saved for a down deposit, now is the time to buy. However, that is best for people looking to make money in the long term. For those just looking to buy and flip a home, \u201cthere is no guarantee that that\u2019s going to work out,\u201d he advised.<\/p>\n<p style=\"text-align: justify;\">\u201c[But] if you know where you want to live, then you have a medium to longer-term time horizon, then it\u2019s a great time to buy,\u201d Cooper said.<\/p>\n<p style=\"text-align: justify;\">BoC members have been split on when to begin dropping interest rates.<\/p>\n<p style=\"text-align: justify;\">However, if the BoC does drop rates, \u201cIt\u2019ll be an overall positive thing, a positive move,\u201d Dinani added.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/dailyhive.com\/vancouver\/potential-interest-rate-cut-bc-real-estate\" target=\"_blank\" rel=\"noopener\">If Bank of Canada Interest Rates are Cut, It May Shake Up BC&#8217;s Housing Scene<\/a> by Nikitha Martins | DH Urbanized<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The anticipation is building ahead of next week\u2019s Bank of Canada (BoC) rate announcement, and real estate experts speculate it could mean a major shakeup for Metro Vancouver\u2019s housing market. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/06\/will-sellers-buyers-respond-if-bank-of-canada-interest-rates-are-cut\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,9,13],"tags":[],"class_list":["post-24027","post","type-post","status-publish","format-standard","hentry","category-homeselling-homebuying","category-mortgage","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Will Sellers &amp; Buyers Respond If Bank of Canada Interest Rates are Cut? 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