Interest Rate Cut

September home sales increased in the Greater Toronto Area (GTA) compared to a year earlier, as more home buyers sought to take advantage of more affordable monthly mortgage payments. Buyers continued to respond to substantial choice in the marketplace by negotiating the average selling price downward. The Bank of Canada’s September interest rate cut was welcome news for home buyers. With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs.