reportThe report cites the latest data from local real estate boards, calling generally downturned conditions “entirely expected considering the heavy toll soaring interest rates are taking on buyers from coast to coast.” It also forecasts depressed market conditions into the early part of 2023 — although this certainly hinges on the Bank of Canada putting an end to its rate hike series.
“Clearly, sharply higher interest rates and the considerable loss of affordability continue to challenge buyers. And we think they will keep the market quiet for some time to come,” writes Hogue. “The surge in interest rates has materially changed the equation for buyers, many of whom may be sidelined for an extended period. It will take further price declines to draw them back in the market.
“Demand-supply conditions eased only marginally– remaining on the cusp of a full-blown buyer’s market. This kept property values on a moderate downward track,” notes Hogue, later adding that Vancouver’s “extremely poor affordability” will continue to dampen activity and prices in the near-term.Montreal saw home resales plunge around 8% MoM in November, putting this metric at its lowest level in almost 13 years.
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