High Interest Rates Kept Would-Be Homebuyers On The Sidelines in October

High interest rates and inflation have decreased the number of homebuyers in Canada. Home sales in Toronto and Vancouver have declined, being down 49% and 46%, respectively, compared to last year. The high demand for homes and a lack of inventory has kept prices relatively stable in recent months. Home sales may continue to weaken over the next few months as the central bank intends to push monetary policy further into restrictive territory. Other cities in Canada, such as Montreal and Ottawa, have also seen a decline in home sales. Calvary hasn't seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for its higher density product. Rising interest rates, inflation, and a stagnating labor market have cooled residential activity in major urban centers in recent months.