"Interest rates are no longer a barrier to home ownership," declared Royal LePage CEO Phil Soper on Wednesday.
Terrific. Now we can redirect our attention to a different obstacle, because the bench is deep.
Canada's immigration pullback, a tentative labour market, supply/listings concerns, and sour sentiment should meet anyone's anti-momentum needs. They're all doing a banner job of holding the market back.
The result, from a macro standpoint, is that national prices continue to drift lower in both nominal terms and real terms. (Per usual, we focus on national trends when assessing the industry overall.)
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