Real Estate
Higher Rates Start to Cool Canada’s Hot Housing Market
- Transactions fall 5.4%, their biggest drop in nine months
- Benchmark prices up 27% year-over-year on shortage of homes
This article is for subscribers only.
Canadian home sales posted their biggest decline since June as rising interest rates begin to cool the country’s red-hot real estate market.
National home sales fell 5.4% in March from the previous month, with new listings also declining by about the same amount, according to a report Tuesday from the Canadian Real Estate Association. Despite the decline in activity, benchmark prices still rose 1% on the month and are up 27% from a year ago.