By 99959
Real Estate News

”After withstanding some turbulent times over the past 12 months, Canada’s housing market looks like it may be reverting to a degree of normality at last – a development that would come as welcome news for the country’s mortgage industry.”

” The height of the COVID-19 pandemic saw home prices and sales activity skyrocket in many major markets before plunging dramatically in 2022 as the Bank of Canada waged war on runaway inflation through a spate of aggressive rate hikes.”

RBC believes the market correction of the past year still has some way left to go – but an end is in sight, with activity likely to bottom out around the spring, according to assistant chief economist Robert Hogue.

”In a March report, he indicated that national prices would level out in the following months, although around half of its forecasted 15% peak-to-trough decline across the country is still to come.”

“I think Canadians adapt very quickly,” he said. “And the rates aren’t high. They’re just high compared to what they were, but historically, they’re still very low.”

”That growing familiarity with higher rates – and the fact that the Bank of Canada appears to have reached the endpoint of its rate-hiking trajectory – could signal a robust spring market, Trafford said, although it remains to be seen just how quickly the pace picks up.”

Source: To read the full article published on the website Canadian Mortgage Professional (CMP) click the link HERE

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