The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday, the second straight reduction in the central bank’s easing cycle.

New condominium sales plummeted to a 27-year-low during the first six months of 2024 as a “sharp downturn in construction starts” in Toronto continued to impact inventory levels.

With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signalling a big drop in prices in the coming months.