Bank of Canada Interest Rate Hikes Slow Housing Market Rebound

The Bank of Canada’s consecutive interest rate hikes have impacted the housing market rebound this summer, with July sales dipping for the first time in six months. New listings have seen a surge of 24%, bringing supply and demand back into balance, leading to a rise in prices in certain cities. However, compared to July 2021, the composite index experienced a slip of 1.9%, with some smaller markets seeing significant drops from their peak prices in the spring of last year. Despite potential for continued price growth in the third quarter due to population growth, economists predict headwinds in the coming months due to affordability and the slowing economy.

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