Office of the Superintendent of Financial Institutions states higher risk ahead.
For consumers, higher borrowing costs create mortgage challenges. Home prices in Canada rose steadily for years with few price corrections, then surged during the Covid pandemic when interest rates dropped to rock-bottom levels. Though the market slumped last year, the national benchmark home price has still doubled in the past decade, to $757,600 (US$553,437) as of August. There’s also uncertainty about the long-term value of commercial properties, as remote and hybrid work arrangements persist. Read the full story below.