, pulling its Overnight Lending Rate up by 50 basis points to 3.75%.
However, other market insiders aren’t convinced the Bank of Canada is slowing its roll, given its lingering inflation challenges., to STOREYS. “I think what that probably means is they’re going to go 50 in December and not 25, but it’s anybody’s guess.” That means the rate pain being felt in all corners of the real estate industry — from beleaguered would-be homebuyers, to commercial developers — will persist for at least the foreseeable future.The impact of rate hikes on the real estate market can’t be understated; both sales and average prices have tumbled across the country since March, with comparisons to the February peak revealing steep declines in Canada’s largest markets.
He points out that this year’s market declines are in direct comparison to a record-breaking 2021, and that he still hears of multiple offer situations in strong markets, despite interest rates’ impact on buying power. However, rising rates have fuelled demand for the most affordable market entry points.
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