Despite soaring interest rates that have dampened Toronto’s housing market in recent months, a new RBC report says the slide in activity “seems to be stabilizing.”
“The last four months have been very quiet but the sharp declining trend seems to be stabilizing,” said Robert Hogue, assistant chief economist at RBC, in his Nov. 7 report.
“Rising interest rates are clearly keeping demand cool at this stage. Yet they aren’t heating up supply either. So far there’s no indications higher rates are triggering any distressed selling wave.”
In late August, a report by TD bank suggested that the average price of a home in Canada could fall an “unprecedented” 20 to 25 percent in the first quarter of 2023 from its peak seen earlier this year….