The Bank of Canada recently decided to keep the policy rate steady at 5%, despite a 0.2% fall in GDP. However, the current state of Ontario's real estate market is far from promising due to declining average selling prices, high interest rates, and low market demand. The Bank of Canada is focused on controlling inflation, and a rate reduction in the near future is unlikely. On top of this, Canada has been facing a growing housing affordability crisis for two decades, with the average household income being $75,452.
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