The real estate association does not expect activity to rebound over the remainder of the year, with the Bank of Canada repeatedly saying that it is prepared to raise interest rates above the current 5 per cent if inflation remains high
slumped further in October, with sales and prices falling, as the high cost of mortgages deterred prospective buyers.after removing seasonal influences, according to the Toronto Regional Real Estate Board . That was the fifth straight month of declines.
The common five-year fixed mortgage rate neared 6 per cent last month, pushing borrowing costs up to their highest level since the fall of 2008. That was before the global financial crisis and years of low interest rates that has fuelled multiple real estate booms, including the pandemic’s buying frenzy.
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