Canada's housing market falls deeper into correction with prices down 11.5% from peak

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The Bank of Canada has raised its benchmark overnight rate to 4.25 per cent this year from 0.25 per cent in March, a rapid rise in borrowing costs that has left many prospective buyers priced out of the market. With many sellers also waiting for a more opportune time to list, the market seems to be going into a deep freeze during Canada’s winter months.Article content

Economists are now predicting Canada will enter a shallow recession the first half of next year, even as the central bank says rates may need to rise even further to tame inflation. So whether more buyers or sellers emerge as the weather warms into the spring selling season will likely depend on how the economy develops between now and then.

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