The recent 50-basis-point rate cut by the Bank of Canada will hopefully have positive implications for the GTA real estate market. The reduction in borrowing costs is likely to attract more buyers, particularly those who were previously constrained by higher rates. In a market where affordability is a pressing concern, lower mortgage rates may relieve some financial pressure on prospective homeowners, especially first-time buyers eager to enter the market. For more details on the October 2024 monthly figures and the latest Royal LePage Market Update Report, please visit this month’s edition of our Real Estate Facts & Figures.