Canada\u0027s home price correction has further to go as Canadians feel the heat of rising Bank of Canada interest rates and inflation. Read on
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“Higher interest rates will disqualify more buyers from obtaining a mortgage and shrink the size of a mortgage others can qualify for,” said Hogue. Eastern Canada has fared better, but “downward pressure is intensifying,” said Hogue. Montreal prices are down 3.3 per cent over the past three months, about half the drop in Toronto. But Halifax has fallen 6.3 per cent in the same time period, with a 3.9 per cent drop in August alone. Prices in Saint John, New Brunswick, fell 4.2 per cent last month.Article content
However, Randall Bartlett, senior director of Canadian economics at Desjardins, says a closer look at the details should curb any budding enthusiasm.
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Posthaste: Home price drop within 'striking distance' of the last big downturn — and it's not over yetCanada\u0027s home price correction has further to go as Canadians feel the heat of rising Bank of Canada interest rates and inflation. Read on
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The Bank of Canada is losing money for the first time ever on rising ratesThe central bank anticipates losses for the next three years, depending on how its inflation fight goes. Find out what that means.
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The Bank of Canada is losing money for the first time ever on rising ratesThe central bank anticipates losses for the next three years, depending on how its inflation fight goes. Find out what that means.
Read more »