In a March report, he indicated that national prices would level out in the following months, although around half of its forecasted 15% peak-to-trough decline across the country is still to come.

While the rapid nature of the central bank’s rate jumps initially surprised many Canadians, consumers have largely become used to the current higher-rate environment, according to an Orangeville, Ontario-based mortgage broker.

Dwight Trafford (pictured top), principal broker at The Mortgage Centre, told Canadian Mortgage Professional that clients were expressing little to no alarm about the prospect of higher borrowing costs than they might have faced a year or two ago.

“I think Canadians adapt very quickly,” he said. “And the rates aren’t high. They’re just high compared to what they were, but historically, they’re still very low.

“Sure, the shock was definitely there for the first six months, but I’m virtually getting no pushback on rates right now. It’s like, ‘OK, whatever: 5%, that’s fine.’ That would have a numbing effect when they first went up, but right now, it’s no big deal. And historically, 5% is still a really good deal.”