Posthaste: The way the housing market is stalling, the Bank of Canada may have to hit the brakes sooner than expected

The numbers are in and, as one economist puts it, April was the cruellest month for the housing market.

Aside from Calgary and Edmonton, home sales in other major Canadian markets have sunk below their pre-pandemic levels, says Capital Economics. “April proved to be the cruellest month for the housing market, with the recent jump in mortgage rates causing large falls in sales across the country,” wrote senior Canada economist Stephen Brown.

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