Canadian housing market 'on its knees' as odds of Bank of Canada rate hike rise

The Canadian housing market is feeling the pressure as inflation remains a stubborn issue, prompting a shift in expectations for a Bank of Canada rate hike. While the central bank has maintained steady rates for nearly a year, a growing number of economists now anticipate a rate increase to curb persistent inflation. This potential shift could further cool the housing market, which is already struggling, by making mortgages more expensive and slowing down home buying and selling activity. The implications are significant as tighter monetary policy could dampen economic growth but help stabilize prices.