at 5% earlier this month, but one economist is warning that September’s rate pause probably won’t do much for housing market recovery in the near term.
By contrast, the spring market was characterized by tight demand-supply conditions, brought on in large part by the fact that new listings were at the lowest since 2003. “Our simulations show that the payment shock is becoming more severe the deeper into the renewal cycle we go,” says Kavcic. This could translate into forced sales across Canadian markets, at a time when the buyers simply aren’t there.
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