Economists: Declines in market activity to deepen amid mounting costs

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The recent deceleration in Canada’s housing market activity is about to intensify as higher borrowing rates continue to price would-be buyers out of the market, according to industry players

The latest figures from the Canadian Real Estate Association showed that total home sales across the country dropped by 5.3% between June and July, representing the fifth straight month of slowdown. Sales activity declined in three-quarters of all local markets during that month, CREA said.

At present, no signs of relief for borrowers are apparent, with the Office of the Superintendent of Financial Institutions insisting that it will not give in to sectors calling for the easing of the stress test.

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