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Homebuyers are unlikely to flood back into the housing market this spring; Rather their returns will be “staggered” over the second half of the year, says one economist.

Some observers have predicted a busy spring season, as buyers, heartened by the prospect of Bank of Canada interest rate cuts, rush back to the market.

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Robert Hogue, assistant chief economist at Royal Bank of Canada, however, believes it will take a series of rate cuts before many are ready to take the plunge.

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Mortgage rates will need to come down substantially before they get the