Sarnia-Lambton's Real Estate Board President says the Bank of Canada's cutting of its key interest rate to 0.5 per cent is positive, especially for first time homebuyers.
Jane Baker adds banks are doing a good job of approving loans based on what people can afford.
Overnight Tuesday, the Bank of Canada cut its key rate by a quarter of a percentage point and slashed its outlook for economic growth this year.
The move comes as the central bank predicts the economy pulled back in the second quarter at an annual pace of 0.5 per cent.
Sarnia-Lambton's resale market is hot. Sales in June were the best for that month in ten years. Halfway through the year, sales volume is close to $200-million, six per cent ahead of last year's pace.
(With files from Canadian Press)
