Ontario homebuyers, homeowners react to the drop in interest rates

The Bank of Canada has cut interest rates by 25 basis points to 4.75%, leading to mixed reactions in Toronto. While homeowners anticipate lower mortgage rates, there are concerns about potential property price increases. The rate cut is attributed to an improved inflation outlook. The move is expected to boost home searches due to improved affordability, but some fear it may not benefit new buyers in Ontario due to financial barriers.

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