Interest rates may need to rise above 4% as housing market bounces back: BMO

Chief Economist Douglas Porter’s tentative prediction came after Toronto home sales bounced 11 per cent in August from the previous month. While benchmark prices continue to drop, the jump in activity could be a sign the market slide is easing even amid rising interest rates and an uncertain economic outlook.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

Governor Tiff Macklem and his officials have already raised the central bank’s benchmark overnight rate to 2.5 per cent from 0.25 per cent in March. Markets and economists expect a three-quarter-point hike to 3.25 per cent at its Sept. 7 policy decision, with another hike likely in October, according to the median estimate in a Bloomberg survey.Article content

“bounces back” with sales historically depressed, good spin piece

Here we go with the media misinterpreting info. The blip is normal in August because its before school starts & winter weather. Sometimes i swear you’re all out to force people to go a certain way misinformation cdnpoli cdnmedia BMO housing

I was promised a crash!!

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Interest rates may need to rise above 4% as housing market bounces back: BMOToronto home sales bounced 11% in August from the previous month. Read more. 12 actually.... 👍🏻. Hang on folks.... 😬 Heaven forbid people get to buy a house. I was promised a crash 😂 Septembers rate hike may be the last for this cycle then a pause….
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