While there’s more inventory available, making the process of buying a home less frantic, it isn’t as easy to borrow money for a house anymore, according to mortgage broker Sarah Park.
“There’s definitely a slowdown. With the Bank of Canada raising up rates last month and said to raise them up again [in] September, some people are waiting to see what’s going to happen. And people are also qualifying for less money. That is not enabling them to spend what they could [before],” said Park.
“I’m calling clients now from six months ago, saying, ‘We have to revamp, and you’re gonna qualify for less money.’”
While the average selling price for a single family home is up 12 per cent to about $750,000, Moffett says that’s too small of a snapshot to paint an accurate picture.
“When the average price of a home goes up per month, there are…
