'The negative impact of higher interest rates on prices is still running its course, depressing the values of (higher-priced) single-detached first and foremost,' it said From m_zadikian
The downturn in the Canadian housing market is not done yet, according to a new RBC Economics report, as the impact of higher interest rates are still working their way through the economy. REUTERS/Carlos Osorio
"Buyers are in an exceptionally tight squeeze, facing the worst affordability conditions ever in large parts of the country. They're clearly on the defensive at this stage." Despite the general weakness in real estate across the country, there are still some regions, like Calgary, that are bucking the trend, he added.
One of the biggest incentives was Alberta's affordable housing market, Mike Moffatt, a senior director at the Smart Prosperity Institute, recently toldMeanwhile, the downturn in Greater Toronto Area real estate is affecting different property segments in different ways.
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