The higher expectations for interest rate hikes climb - and they are climbing - the bleaker the outlook for global housing markets gets.
Evidence that the bottom for housing markets is still a ways away showed up in early reports from local real estate boards as sales and prices fell broadly across Canada in September.
Sales in Toronto fell 11 per cent from the month before to the lowest level since 2009, excluding the lockdown in the spring of 2020.
And in Montreal the market correction is gaining speed. Sales were down 10 per cent in August from the month before and an estimated 6 per cent in September, compared with an average drop of 1.7 per cent per month between February and July. September's sales were the lowest in seven years, excluding the spring 2020 lockdown.
While weakening housing markets are unlikely to bring an early halt to rate hikes, economists agree, they could be a reason for central banks to quickly pivot to rate cuts once inflation is under control.
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