Home prices are already falling and the broader real estate industry may be teetering. Read more.
“The realtor came in and basically showed them that the market is done,” he said, explaining that the clients had been depending on the sale of another property to fund the renovation. “It has turned down, and the money that they put in, they might not get back.”
Canada’s housing market, including renovations, rose to more than 8.5 per cent of gross domestic product during the pandemic, a level it hasn’t seen since the late 1980s. But with the Bank of Canada aggressively raising interest rates to control inflation, home prices are already falling and the broader real estate industry may be teetering.Article content
With inflation running at the highest level since the early 1980s, the Bank of Canada has raised interest rates quickly, bringing its benchmark rate to 2.5 per cent from 0.25 per cent since March.Article content
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