from RBC’s Robert Hogue reflects on this summer’s duo of interest rate hikes, saying that they “significantly cooled” spring’s real estate rally.
Hogue’s forecast is certainly well-founded. It’s been a sluggish summer almost across the board for Canadian real estate, with demand-supply conditions easing most significantly in the Toronto and Vancouver areas.from the Toronto Regional Real Estate Board, for instance, revealed that home resales were down in August — but not for a lack of purchasing options.
He also points out that Toronto's sales-to-new listings ratio is “the closest it's been to buyers’ market territory since January,” which took a clear toll on prices last month, pushing them downwards for the first time since February. Hogue says that buying activity and prices are likely to remain "mostly stagnant" in the near term.
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