The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.The association attributed the drops, which were not as large as those seen in April and May, to financial pressures prospective buyers have experienced as the Bank of Canada has continued to hike its key interest rate.
“The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the supply issue has not gone away.” Buyers are now waiting on the sidelines to see just how much purchasing power they could lose as rates climb, but have also put off making offers because forecasts have lead them to believe prices will drop even further.
What about prices ?
You ain't seen NOTHING yet.
Thank god. The market is still super hot and it's a circus out there.
Keep coming down to the more affordable range. Prices are still a lot higher than the true value
buying houses just to rent should be a crime
Yeah because no one can afford to buy homes anymore… can’t barley afford rent too like