Lest there be any confusion, while history has shown that Toronto real estate enjoys a unique ability to barrel through most obstacles, this rising rate environment has proven to be largely impenetrable.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
It turns out that buyers weren’t off on vacation or enjoying a summer free from COVID restrictions instead of real estate. Labour Day didn’t bring them back. They remain sitting on the sidelines, if not out of the game entirely. Broadly speaking, no one is making a move unless they need to. Sellers are fighting tooth and nail against the idea that February numbers are a distant memory while once eager buyers, staring down the barrel of more rate hikes, aren’t willing to jump back in.Article content
“When combined with still-elevated near-term inflation expectations, the clear implication is that further interest rate increases are warranted,” he said. “Simply put, there is more to be done.”
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