Even with the Bank of Canada’s foot firmly placed on the interest hike pedal, New Brunswick home sales aren’t slowing down as much of the rest of the country appears to be.
New numbers this week by the Canadian Real Estate Association (CREA) show national home sales fell by 5.6 percent on a month-over-month basis in June.
With The Bank of Canada hiking its policy rate to 2.5 percent this month, the continued boost to the cost of borrowing is beginning to reflect a much-anticipated slowing for demand in the national housing market.
While home sales were down for nearly three-quarters of all local markets measured, and led by Canada’s biggest cities, home sales in New Brunswick still posted the second highest June reading on record.
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