How interest rates will drive Canada's housing market in coming months

in September. Sales were down 12 per cent from August and 7.1 per cent year over year, according to Toronto Regional Real Estate Board data. There were also 16,258 new listings, a 32 per cent increase from August and 44.1 per cent higher than a year ago.Vancouver had a similar jump in inventory last month, with 5,446 new listings, a 28.4 per cent increase from September 2022, according to Real Estate Board of Greater Vancouver data. September sales totalled 1,926, which is a 13.

The average price in Toronto was up roughly three per cent month over month and year over year at about $1.1 million. The composite benchmark home price in Metro Vancouver was $1.2 million, a 4.4 per cent increase from the same month last year, but a 0.4 per cent decrease from August. Saretsky agreed: “In the near term, a 6.5 per cent mortgage rate is going to trump what’s happening on the immigration side. Structurally, I still think we’re going to be talking about housing affordability or lack thereof over the next five to 10 years.“The huge move in interest rates is going to slow new construction and, I think, ultimately, it’s going to hit housing demand and developers are going to pull back,” he said.

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