Globe and Mail ~ September 7th, 2022
Canada’s real estate slump is about to deepen, as the rising cost of borrowing pushes more buyers out of the market, economists predict.
In announcing its latest interest-rate hike on Wednesday – to 3.25 per cent from 2.5 per cent – the Bank of Canada said the overnight lending rate will need to go even higher to dampen inflation.
Since the central bank started lifting interest rates from the low of 0.25 per cent in March, home sales have plunged along with home prices.
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