High Interest Rates Impact Canadian Economy and Housing Market

Rate Cuts Anticipated in 2024 as Inflation Eases and Housing Sales Slow Down

Bank of Canada's interest rate hikes have caused a pullback in business investment and consumer spending, paving the way for lower inflation.
Interest rate cuts are expected as early as mid-2024, signaling a turning point in the fight against inflation.
High interest rates have led to a slowdown in the housing market, with the lowest volume of sales for detached homes on record in the Greater Toronto Area
Rental market prices are expected to moderate, providing some relief on the affordability front.
More Canadians are expected to renew their mortgages at higher interest rates in 2024, leading to cutbacks in other expenses.