The Financial Post reports in its Tuesday edition that after five straight holds of the Bank of Canada's key interest rate that followed its hiking cycle of more than a year, economists say a rebound awaits the national housing market. A Canadian Press dispatch to the Post says that the BOC is expected to again hold its key rate steady when it announces its decision Wednesday, but it is unclear what direction it will take next. With modest cuts likely in store later this year, possibly in June, it could take months before buyers regain confidence. RBC assistant chief economist Robert Hogue predicted a "gradual" rebound later this year as the central bank's rate-cutting cycle progresses, rather than a major uptick in activity following its first reduction. He said there are some exceptions to that forecast, notably the Calgary market, which has remained strong despite elevated rates. Increased demand from interprovincial migration and below-average inventory have kept the market tight in that city. "That's a market that continues to be pretty robust and we don't see that changing," Mr. Hogue said. Given the pent-up demand, affordability remains a major issue in markets such as Toronto, Vancouver and Montreal.