June 18, 2024

Homebuyers struggle to time the market as BoC rate cut looms

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Geoffrey Gilliver has never given up his property search, and even considered buying an abandoned church in King City to turn into his family home. The father of two has looked at all types of homes over the last couple of years, keeping an open mind in Toronto’s expensive real estate market.

Since he started his home hunt in 2019, he and has wife have rented in the Beach neighbourhood and had a couple kids all while searching for their first property. They wanted to stay in Toronto, which seemed feasible before the lockdowns, he said, but prices ran away from him when interest rates hit historic lows during the pandemic.

Geoffrey Gilliver stands in his five-year-old’s room and contemplates fitting their second child in the tiny space. He is struggling to enter the real estate market as a first-time homebuyer. 

Shifting to a more balanced market 

First-time homebuyers left in the lurch

To buy or not to buy?