The aggressive path of interest rate hikes continues to take a toll on Canada’s housing markets with home sales and prices slumping in July
Vancouver and Calgary both saw declines in home sales as more buyers move to the sidelines and await a better opportunity to jump back into the market. This comes as the Bank of Canada hikes interest rates to combat inflation, including a supersizedThe number of homes exchanging hands in the Greater Vancouver Area tumbled nearly 23 per cent in July from the month before, with 1,887 units sold.
The board’s benchmark price index, which compiles typical property prices in each market, sits at about $1.2 million, a two per cent decrease from June.Article content “Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” REBGV chair Daniel John said in a press release accompanying the data. “This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”
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