Posthaste: Housing market faces 'bumpy' road amid high interest rates, RBC says

Activate your Online Access NowHome sales in June and July fell in Vancouver, Toronto and Ottawa, and prices also lost momentum, RBC said. However, housing markets in the Prairies defied the interest-rate induced slowdown seen in Ontario and British Columbia. Sales gained in Alberta and Saskatchewan in July, with Calgary, Edmonton, Regina and Saskatoon, all firmly in sellers’ market territory.

Meanwhile, RBC said more listings helped ease supply constraints in many markets, part of a trend that has extended for months. As a result, Ontario and B.C.’s housing markets have grown more balanced after a spring squeeze. If that trend continues, price increases should keep slowing down, especially in Toronto, the economists said. A cooling economy, combined with the high cost of living are also expected to keep a lid on sales and price gains in major housing markets.

“Signs of cooling activity in some of Canada’s largest markets are consistent with our view that the spring rebound was premature and will taper off further amid high interest rates, ongoing affordability issues and a looming recession,” Robert Hogue and Rachel Battaglia said in the report.There was an error, please provide a valid email address.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

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