Home sales in Canada fall 24 per cent year over year in June
The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.The association attributed the drops, which were not as large as those seen in April and May, to financial pressures prospective buyers have experienced as the Bank of Canada has continued to hike its key interest rate.
“The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the supply issue has not gone away.” Buyers are now waiting on the sidelines to see just how much purchasing power they could lose as rates climb, but have also put off making offers because forecasts have lead them to believe prices will drop even further.
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