The major Canadian banks responded to the Governement abbouncement recently to cut their bench mark rate by 0.5% and reduced their prime lending rate by 0.15% to 2.70%
Most analysts are uncertain that this move will make most Canadians to decide to become first-time buyers, Interest has been low for a while, and the concern is that most people getting acustomed to low borrowings. That can also create a certain danger in the heated market as it is.
These low rates, can create a major inflationary pressure, and then it will become a "rollercoster" with interest rate rising, trying to curb the inflation, and that can become quite a serious situation for a lot of families.
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