While interest rates remained high in May, home buyers benefited from slightly lower selling prices compared to last year. Prices have adjusted to mitigate the impact of higher mortgage rates. Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices due to increased competition among buyers. Recent polling indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, we expect more buyers, including many first-time buyers, to enter the market. This will open up much-needed space in a relatively tight rental market. To maintain an affordable and livable region in the long term, we need a coordinated effort from all levels of government to address our current housing deficit and provide housing for our growing population. Additionally, governments need to ensure the delivery of infrastructure to support our expanding communities. The economic health and livability of our region depend on the timely completion of public transit projects, including better transparency and clear timelines for the Eglinton Crosstown LRT. Today's announcement of interest rate cuts is a highly promising development for the housing market. As borrowing costs decline, we anticipate a resurgence in home buying activity, leading to increased market dynamism and competition. Prospective buyers will find improved affordability, while sellers may see their properties gain value due to heightened demand. To sustain this momentum and ensure long-term economic and social vitality, it is crucial for government bodies to address the housing shortage and expedite critical infrastructure projects. These efforts will foster a more robust and vibrant housing market in the months and years ahead. If you would like to explore how these trends might affect your real estate ventures, please feel free to contact me. | 
