Sentiments have soured significantly across Canada’s housing markets, with sales and prices edging lower as high interest rates keep buyers on the sidelines. But despite the slowdown, economists warn an improvement in affordability is not on the horizon. Home sales have been on the decline since the Bank of Canada

Low rates and the promise of riches from ever rising home prices sent Canadians on an epic debt binge. Statistics Canada (Stat Can) data shows the household debt to disposable income ratio tied the record in Q1 2022. A tie might sound like we’ve seen this before, but interest rates make this