Global News ~ April 8th, 2024
Fears that the spring housing market could “overheat” will be in the background as the Bank of Canada readies for its interest rate decision on Wednesday, experts say.
The spring housing market, which kicks off in March, is typically one of the busiest times of the year for home buyers and sellers in Canada.
So far, the spring housing season is a “mixed picture,” according to RBC assistant chief economist Robert Hogue, as the Bank of Canada’s benchmark interest rate remains high and boxes out some prospective buyers.
Preliminary data from local housing boards show some western markets, particularly in Alberta, saw a strong uptick in home sales in March. In Toronto, housing activity has declined for two consecutive months.
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