Housing affordability is taking a hit as buyers have less purchasing power due to significantly higher borrowing costs.
TD Economics released an analysis of March activity in the U.S. finding sales slipped 2.4 per cent month over month, below economists’ forecast of a 1.8 per cent decline.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
As well, single-family homes sales led the decline, falling 2.7 per cent month-over-month, the report noted.The report pointed to affordability remaining a headwind for sales as buyers have less purchasing power than they did just one year ago due to significantly higher borrowing costs.
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