13 Jul Interest rate hike could prolong Toronto real estate market slowdown.
Original article via Toronto Star. Click here to read.
The Bank of Canada’s interest rate hike could prolong the cooling-off period the Toronto housing market is experiencing following the implementation of a provincial foreign-buyer tax, a prominent economist said Wednesday.
But the recent drop in the number of home sales in the Greater Toronto Area — down 37.3 per cent in June from the year prior — is not expected to last long-term, said Benjamin Tal, deputy chief economist with CIBC World Markets.READ FULL ARTICLE