Interest rate hike could prolong Toronto housing market slowdown

TORONTO — The Bank of Canada’s interest rate hike could prolong the cooling-off period the Toronto housing market is experiencing following the implementation of a provincial foreign buyer tax, a prominent economist said Wednesday.

But the recent drop in the number of home sales in the Greater Toronto Area — down 37.3 per cent in June from the year prior — is not expected to last long-term, said Benjamin Tal, deputy chief economist with CIBC World Markets.

A similar slowdown...

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