Homebuyers in Canada are eager to enter the housing market, anticipating potential rate cuts from the Bank of Canada. A December sales rally and soft prices have fueled speculation of a heating market. The shift in market sentiment is evident, with increased optimism about home prices. Buyers, aiming to avoid rising competition, are jumping in, driven by lower rates. Economists predict rate cuts by mid-year, and anticipation is already impacting the market. The housing market faces challenges with a shortage of affordable properties and record immigration. Despite efforts to boost supply, the market is expected to pick up, driven by pent-up demand and the prospect of lower rates.
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