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“Higher interest rates will disqualify more buyers from obtaining a mortgage and shrink the size of a mortgage others can qualify for,” said Hogue. Eastern Canada has fared better, but “downward pressure is intensifying,” said Hogue. Montreal prices are down 3.3 per cent over the past three months, about half the drop in Toronto. But Halifax has fallen 6.3 per cent in the same time period, with a 3.9 per cent drop in August alone. Prices in Saint John, New Brunswick, fell 4.2 per cent last month.Article content
However, Randall Bartlett, senior director of Canadian economics at Desjardins, says a closer look at the details should curb any budding enthusiasm.
Source: Loan Digest (loandigest.net)
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