The latest headwind — rising mortgage rates
mortgage ratesCanadian government bond yields have risen to their highest since the financial crisis in recent days, and this rise could pose aLast week five-year bond yields rose to 4.4 per cent. As bond yields lead fixed mortgage rates, the increase implies that the lowest available five-year fixed rate could rise to 6.25 per cent, Brown said.
They now see home sales and prices falling in the last quarter of this year and into 2024. By the first quarter of next year, they expect sales and prices will have declined by 8 per cent and 6 per cent, respectively, from where they were in the second quarter of 2023, said TD economist Rishi Sondhi.
“There will be a lot more data coming out between now and the next BoC rate decision and the bank will likely need to see significant weakness in these reports to prevent it from pulling the trigger on another hike,” said James Orlando, TD Economics on Friday.
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