An ex-member of the Bank of Canada’s governing body said officials should cut borrowing costs by half a percentage point later this month.

Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.

Canada’s banking regulator recently relaxed its mortgage stress test rule partly due to concerns about how the public perceives the agency’s role, according to Peter Routledge, the head of the Office of the Superintendent of Financial Institutions (OSFI).