Will the Bank of Canada’s new interest rate cut help GTA renters?

The Bank of Canada’s recent interest rate cut to 2.5% may ease financial pressure on GTA renters facing high rents and stagnant wages. Rent-to-income ratios have risen, with many renters struggling to afford monthly payments amid growing debt. Lower rates could reduce interest costs on debts, helping renters and landlords. However, rising payment delinquencies highlight ongoing affordability challenges, especially for younger residents earning below average incomes.