‘No one thinks the market is rebounding this fall’: Buyers and sellers will continue to wait on the sidelines as prices continue to decline into next year, economists and real estate experts say.
For the first time since moving to Toronto with his wife and infant twins, Brett Weiss feels a home of their own is within reach. They’ve been renting in midtown, anxiously scanning for properties to buy, since relocating here from New York City during the pandemic, in August 2020.
And it’s a trend that is likely to continue, according to economists and real estate experts, who are forecasting a dramatic drop in the fall market — typically one of the hottest times of the year for sales. “The bank could raise it by a minimum of one percentage point before the end of the year or more, and it’s not impossible that we could see several rate hikes in 2023,” said Douglas Porter, BMO senior economist.The rate hikes have made homes less affordable for anyone who needs to borrow to buy, as they impact mortgage rates, which have shot up to more than four per cent for a five-year variable rate and five per cent for a five-year fixed rate.
With more Bank of Canada rate hikes expected in September and October, many buyers and sellers are waiting to see how high interest rates on mortgages will rise. compared to a year earlier, with new listings declining four per cent on a year-over-year basis, and there’s no indication listings are picking up by fall.
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