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Canada’s Housing Market Faces Headwinds Despite BoC Moves

The Bank of Canada’s 25-basis-point cut in September was at best ignored by the national market, with sales falling 1.7 per cent compared to the month before. The Bank of Canada’s recent interest rate adjustments have done little to revive the country’s housing market, which continues to struggle under the weight of broader economic concerns. In September, the central bank cut its policy rate by 25 basis points, bringing it to 2.5%. Yet, instead of sparking renewed activity, national home sales actually fell by 1.7% compared to the previous month.  Economists note that the housing market is no longer moving in lockstep with monetary policy, but is instead being shaped by regional affordability challenges, consumer psychology, and—most critically—job security fears. Uncertainty surrounding U.S. trade policy has also cast a shadow over Canada’s economic outlook. Businesses remain hesitant to invest, and households are wary of making major financial commitments such as home purchas...
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Hopes for a swift resumption of peace talks to resolve Cyprus’ long-standing ethnic division were dashed as Turkish President Recep Tayyip Erdogan reaffirmed his support for a two-state solution. Speaking ahead of a military parade commemorating the 50th anniversary of the Turkish invasion that split the island, Erdogan dismissed the United Nations-endorsed plan for a federated Cyprus, which Greek Cypriots have long supported.

Erdogan’s remarks came as a blow to those advocating for a unified Cyprus. The Turkish president emphasized that a federal solution is not feasible, insisting that the rights of Turkish Cypriots must be recognized through a two-state arrangement. This stance complicates efforts by U.N. Secretary-General Antonio Guterres and his envoy, Maria Angela Holguin Cuellar, who have been working to bring both sides back to the negotiating table.

The anniversary of the invasion is marked differently across the island. In the north, Turkish Cypriots celebrate what they view as liberation from Greek Cypriot dominance, while in the south, Greek Cypriots mourn the invasion’s devastating impact, which left thousands dead or missing and displaced a significant portion of the population.

Erdogan’s firm position underscores the deep-seated divisions that continue to hinder peace efforts. As both sides remain entrenched in their views, the path to reconciliation appears increasingly uncertain.


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