The worst of falling home sales and prices may be behind us, but before you get too excited …. Read on
“In October, sales across the country increased for the first time since before interest rates started to rise last winter,” said Jill Oudil, chair of the Canadian Real Estate Association when the numbers were released. “Of course, we’ve known the demand was there, so it’s just been a matter of some playing the waiting game as borrowing costs and prices have adjusted.
“While we continue to think an inflection point is some ways off, it does suggest most of the price correction is likely behind us — at least for Canada as a whole,” Hogue said. Even if the correction is in its late stages, that doesn’t mean the action is going to heat up again right away, cautioned Hogue — not with interest rates remaining high and about to get higher.Article content
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