28 Feb What do slowing sales mean for the Canadian housing market?
Original article via BuzzBuzzHome. Click here to read.
January was a cool month for the Canadian housing market, as national home sales dropped 14.5 per cent month-over-month.
“We expect some near-term volatility to persist in the market, as the fallout from the new mortgage rules and rising interest rates is absorbed by buyers and sellers,” wrote TD senior economist Michael Dolega, in a recent note.
According to Dolega, the numbers confirm many economists’ predictions that the new mortgage rules would cause a pull-forward of sales activity in December, followed by a steep sales drop in January.
But what else does the drop in sales mean for Canadian buyers and sellers this month? Read on for BuzzBuzzNews’ roundup of this week’s need-to-read commentary.