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BoC rate hike put a chill on Canadian housing in June

Author: 
Steve Huebl
Publication date:
July 6, 2023
Article Summary: 

Canadian housing market activity and prices have cooled down compared to May in the largest markets, following the Bank of Canada's June rate hike. Toronto, Hamilton, Ottawa, and Vancouver saw buyers retreat in June, while Fraser Valley, Calgary, Edmonton, and Montreal remained undeterred. Despite the seasonal slowdown, activity remains higher in most markets compared to the same time last year. The demand for housing remains robust in Calgary, bolstered by a healthy labor market and increased migration levels, helping to offset the impact of higher lending rates.

Keywords: 

Canada, housing market, home sales, prices, Bank of Canada, rate hike, buyer sentiment, housing demand, mortgage, interest rates, real estate boards, Toronto, Vancouver, Montreal, Calgary, Ottawa, Fraser Valley, Edmonton.

Source Citation: 
Steve Huebl
BoC rate hike put a chill on Canadian housing in June
July 6, 2023
https://www.canadianmortgagetrends.com/2023/07/boc-rate-hike-put-a-chill-on-canadian-housing-in-june/
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