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Posthaste: Bottom still a ways off for Canada's housing market, says RBC

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Since the Bank of Canada began hiking interest rates, home sales have fallen 31% and benchmark prices almost 6% nationwide. Find out more

Yesterday brought the latest numbers on Canada’s housing market, confirming that the pandemic boom is over.in July, the fifth month in a row of declines. Benchmark prices were also down 1.7% from the month before.

The Bank of Canada’s 100-basis-point hike in July “threw ice-cold water on the market,” said Hogue, as it disqualified some buyers from getting a mortgage and shrank the size of the mortgage for others.Article contentPotential buyers are holding back in case prices drop further, while sellers are debating whether they too should wait until the market turns in their favour, Canadian Real Estate Association chair Jill Oudil saidNew listings declined 5.

In the Greater Toronto Area the composite MLS home price index has dropped 7% in the past five months.

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Posthaste: Bottom still a ways off for Canada's housing market, says RBCSince the Bank of Canada began hiking interest rates, home sales have fallen 31% and benchmark prices almost 6% nationwide. Find out more
Source: financialpost - 🏆 7. / 85 Read more »