Following a series of aggressive interest rate hikes this summer, home buyers are unsurprisingly jaded, with many taking a step back from the real estate market.from RBC Economics, authored by Assistant Chief Economist Robert Hogue, which also expressed that “fewer — and more budget-constrained — active buyers in the market are taking steam out of prices.”
Although Ontario and BC are observing the softest market conditions in all of Canada — both are facing “especially significant” price corrections, with the composite MLS HPI plummeting 19% in Cambridge, 16% in Kitchener-Waterloo and London, 15% in Brantford, 13% in Guelph, 14% in Chilliwack, and 9% in the Fraser Valley — other provinces are now following suit.
While Montreal’s composite MLS HPI fell by 3.3% in the past three months, it declined by 5.8% in the Greater Toronto Area over that same timeframe.