2:11 PM Nov 22, 2022
The Bank of Canada has raised interest rates a total of six times since March in order to combat soaring inflation. That has brought the benchmark cost of borrowing from a pandemic-era low of 0.25% to 3.75% today, a level not seen since April 2006. That has effectively thrown cold water on buying and investment intentions at all levels of the real estate market.
The office sector also remains a strong standout, with total investment doubling that of 2021 thus far at $3.5B. However, as Altus points out, this figure gets a notable boost by the sale of
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