Interest rates are likely to remain high for the rest of the year, keeping mortgage rates elevated. A 'bumpy' path lies ahead for Canada's housing market.
0.7% month-over-month in July, putting an end to six months of heightened activity. The decline occurred despite a 5.6% monthly increase in new listings, which helped bring balance back to the market.
The expectation of stagnating prices, and continuously high interest rates, was shared by Robert Kavcic, Senior Economist and Director of Economics at BMO, in keeps the decision for future rate hikes "very much alive," Kavcic said, and at the very least, it makes the case for interest rates to stay elevated into 2024. As such, any meaningful near-term mortgage rate relief "looks unlikely.
The cities that saw the greatest price correction over the latter half of 2022 have also seen the largest price increases thus far in 2023, leading to a reversal in any improvements in affordability.
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