According to a new survey released by Re/Max Canada on Tuesday, Canada’s housing market could experience a slowdown this fall as potential buyers and sellers wait to see what the Bank of Canada does with interest rates. The report suggests that home prices will remain stagnant from August until the end of the year due to a lack of available inventory and rising interest rates. The uncertainty surrounding the Bank of Canada’s policy rate is causing hesitation among buyers and sellers, with one in three respondents indicating they would wait to see how interest rate changes unfold before making any decisions. Despite the potential slowdown, Re/Max predicts that some regions, such as the Greater Toronto Area, Moncton, Calgary, and Sudbury, will see price growth over the next few months. On the other hand, areas like Halifax, the Greater Vancouver Area, Kelowna, and Ontario’s Durham Region are expected to see price declines. However, Re/Max notes that record levels of immigration are helping to offset these declines and create competition for the limited housing stock in the country. Additionally, the lack of affordable housing inventory is causing many young Canadians to alter their housing plans. Re/Max warns that even after a prolonged housing correction and higher interest rates, prices remain high in many parts of the country, making it difficult for first-time homebuyers to enter the market.
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