Buyers finding opportunities in Toronto's housing market amid high mortgage rates: broker

One mortgage broker says there are now more opportunities in Toronto’s housing market for homebuyers compared to recent months.

In a statement to BNNBloomberg.ca Wednesday, Leah Zlatkin, licensed mortgage broker and LowestRates.ca expert, said that after the Bank of Canada lowered its policy rate in June by 25 basis points, “we saw a flood of new listings enter the market.”

“But persistently high mortgage rates mean buyers are biding their time and aren’t in a hurry to purchase. As a result, we’re seeing the balance tip in favour of buyers for the first time in recent memory,” Zlatkin said. 

“While rates remain high, those that can afford a mortgage at these rates will find more opportunity to purchase than in the recent past.”