London Interest rate cut offers relief and hope for some Londoners A home for sale in London, Ont. is seen on Wednesday, July 24, 2024. (Sean Irvine/CTV News Londno) Share Today's rate cut by the Bank of Canada (BOC) has perked the ears of some Londoners looking to enter the real estate market.
Still, many tell CTV News they plan to wait until multiple economic areas improve. As a result, London's real estate market continues to remain sluggish. The CEO of the London St.
Thomas Association of Realtors doesn't expect that to change much in the near future, but Bill Madder has long-term optimism. "I think this is two in a row, which is great. And, they've [BOC] indicated that there is more to come.
I think that that'll help. I think that's where we need the confidence in the buyers and sellers right now," said Madder. In the interim, Breanne Ferguson, a mother of three young boys, looks to save where she can.
Even though her husband has a good-paying job in the auto sector, the family continues to rent rather than buy, as they save towards home ownership. "Oh for sure, we do 100%. We're in the works right now.
We're just trying to pay off some stuff and then we'll be up in that," she said. Ferguson hopes Wednesday's rate drop will ease cost pressures on groceries, gasoline, and other everyday items. Breanne Ferguson is joined by her three sons outside a southwest London grocery store.
The family is looking to purchase a new home if interest rates continue to drop. July 24, 2024.