The chill that swept over Canada’s housing market when the Bank of Canada began hiking interest rates earlier this year has turned several degrees colder.
The central bank has raised its key rate three times since March, from 0.25% to 1.5%, and economists see hikes continuing until it reaches at least 2.5%.That was especially evident in Toronto, where “demand-supply conditions swung from close to the tightest on records to nearly as loose as they were during the 2017 correction,” he said.
So prices are falling, especially in the single-detached home market in Toronto’s 905 region which saw the biggest gains during the pandemic boom. Montreal, where sales started to drop below pre-pandemic levels a year ago, has been on the road to a soft landing for longer than most markets. The noteworthy development in May, Hogue said, was a big increase in new listings. So far prices here have continued to rise but that could change if supply keeps growing.
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