Canadian Home Sales Decline for 3rd Month as Interest Rate Hikes Cool Housing Market

Home sales in Canada fell for the 3rd straight month in September while benchmark prices declined for the first time since March.

The housing market is cooling due to rapid interest rate hikes, leading to lower sales volumes and prices.

There is a disconnect between sellers trying to get high prices and buyers looking for bargains. Sellers are reluctant to lower prices.

More homes are being repossessed and listed for sale by lenders when owners default on loans.

The average home price is propped up by more detached home sales in Toronto while condo prices fall.