Interest rate hikes might be over but don't expect housing market to flare up: BMO

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TORONTO — One Bay Street economist says it's unlikely the housing market will flare up, despite the Bank of Canada's decision to keep its key interest rate on hold on Wednesday.

Robert Kavcic, senior economist with BMO Capital Markets, said softer job markets, new listings on the housing market and a restrictive mortgage market are all working against the housing market this fall.

On the flip side, he added, the market strengthened overnight when the central bank paused its rate hikes in the spring . In his opinion, the pause could give buyers more confidence psychologically, but the financing is not nearly as cheap as it was back in the spring.

 

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