Home sales stall in Calgary, tumble in Vancouver as rising interest rates take toll yyc yycRealEstate
as homebuyers moved from Toronto and Vancouver to seek out more affordable options.Advertisement 4While many in the real estate industry have blamed rising interest rates for the drop in demand, Leah Zlatkin, mortgage broker at LowestRates.ca, said the pause in home buying has more to do with the risk of a recession and overall uncertainty.
“You have to be cautious in assuming that a Bank of Canada overnight rate increase is really impacting the entire market and I don’t think that that’s really what’s causing people’s hesitation,” Zlatkin said. “I think the thing that’s causing people’s hesitation is housing prices dropping and the uncertainty around whether a recession is coming. A job loss is much more impactful to a mortgage payment than the actual rate increase.
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