While Desormeaux believes the BoC is now actually finished with rate hikes, there will not be the same ensuing uptick in activity. The full impact of this summer’s rate increases, as well as the aggressive tightening seen throughout 2022, has yet to be felt. Alongside softer employment gains, sales growth will stall, even as rate cuts begin in 2024.. Since April, they’ve risen 21% nationally, marking the fastest three-month increase seen outside of the pandemic.
While the data suggests that the BoC’s efforts to rein in inflation are working, the outlook for an improvement in affordability long-term is less positive.existing supply shortage and a rapidly rising population
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