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Rising Interest Rates a Headwind for Canada’s Housing Market

Rising interest rates and tighter mortgage lending rules may dampen the Canadian housing market in the coming months by reducing affordability for prospective buyers.

That’s the latest outlook from the Canadian Real Estate Association (CREA), which revised its fall housing forecast, saying now that sales will drop 9.8% and prices will soften 2.8% to $494,900.

“The new stress-test on mortgage applicants implemented earlier this year continues to weigh on national home sales,” said CREA President Barb Sukkau. “The degree to which the stress test continues to sideline homebuyers varies depending on location, housing type and price range.”

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