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What Just Happened to the Canadian Real Estate Market?
Are the effects of the Bank of Canada’s (BoC) tightening cycle being felt in the Canadian real estate market?
For at least two years and probably longer than that, the nation’s housing market has been sizzling, with nearly every pocket of the country experiencing soaring prices and impressive sales activity. The laws of supply and demand have been in full force since the beginning of the coronavirus pandemic – inventory is low and demand has been strong – but historically low interest rates have also played a significant role.
When rates are low, prospective homeowners can take advantage of monetary conditions to increase their purchasing power and outcompete other buyers who may be interested in the same property. Now that rates are on the path to normalization, the same activity level will be challenging to emulate.
Is the central bank dousing the sizzling housing boom? The data suggest that higher rates are easing buying trends in many parts of the Canadian real estate market.
Complete Article : https://blog.remax.ca/what-just-happened-to-the-canadian-real-estate-market/
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