The Ford government is expecting to spend $470 million to give first-time Ontario homebuyers a tax break on new homes — a figure first revealed in Thursday’s fall economic statement.

The federal government’s latest budget may prove too restrained to lift Canada’s slowing economy, potentially leaving the Bank of Canada with little choice but to reduce interest rates again, economists said Wednesday.

Home sales in the Greater Toronto Area (GTA) were down year-over-year in October, while new listings were up. Market conditions continued to favour homebuyers, as average selling prices were negotiated down alongside lower mortgage rates.