Canadian Real Estate Industry Revenues Plunge Due to Higher Interest Rates

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New data from Statistics Canada shows that the real estate industry in Canada has experienced a significant decline in revenues due to higher interest rates. Between 2021 and 2022, operating revenue linked to real estate agents and brokers dropped by 21.8%. This decline can be attributed to the Bank of Canada's interest rate hikes, which have dampened existing home sales and affected the commercial real estate market. Despite the decline, industry revenues in 2021 were still 34.5% higher than pre-pandemic levels in 2019.