Ontario, BC Buyer’s market headed for despite high interest rates: RBC Housing Report | globalnews.ca

A new report says that higher interest rates will continue further home buyers in the new year except in Ontario and British Columbia.

RBC reports shoppers say real estate Ontario and BC will have a stronger hand in 2023 as these provinces continue to favor buyers as opposed to sellers.

RBC assistant chief economist Robert Hogg says the real estate situation across the country looks reasonably balanced, with sale-to-new listings in a “balanced zone”, but notes that many markets in Ontario and B.C. Not there.

Vancouver, Victoria, Fraser Valley, Toronto, Ottawa, Hamilton, London and Niagara are now seeing a ratio of sales to listings closer to 0.40, which Hogg calls the range where buyers have more “sway on prices.” .

Home sales and prices have declined this year as rising interest rates have increased the cost of borrowing for Canadians.

The country’s big banks have raised their interest rates as the Bank of Canada has raised its key interest rate seven times since March in an effort to bring inflation under control.