Housing bears are on their "I told you so" tour after the first rate cut in this easing cycle—claiming it barely gave a nudge to Canada's mortgage and real estate markets.
They point to today's CREA data, which showed the benchmark home value rising just 0.1% versus May and home sales creeping up just 3.7% m/m (all seasonally adjusted data).
What the naysayers gloss over is that, minus the BoC's June 5 rate snip, we'd be looking even glummer.
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