The interest rate hikes are having an effect, bringing some balance back to many markets. The road to recovery, however, looks bumpy. RBC | realestatenews realestate realestatemarkets interestrate housing housingmarket Canada
— which brought the policy interest rate to its current 5% — the springtime momentum that had materialized in Canada’s priciest markets began to falter.
While Hogue and Battaglia expect the pace of the price increase to moderate further in the coming months, the fervour of the springtime rebound has kept the index 0.5% above July 2022 levels. “Looking ahead, extremely poor affordability and high interest rates are likely to keep home ownership out of reach for many interested buyers; as such, we expect the softer tone to persist for some time to come,” Hogue and Battaglia said.Despite market moderation in Canada’s largest provinces, sellers in the prairies maintained the upper hand as sales increased even in the face of dwindling supply.
But, buyers’ determination comes amid “persistently low” inventory, which will drive prices higher over the coming months. Calgary’s benchmark home price was up 5.7% year over year in July, one of the largest annual increases in Canada.Meanwhile, in Montreal, new listings are on the rise. Following the downturn of the last year, listings rose 7% month over month in July, while sales are estimated to have increased 10%.
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