How are higher interest rates affecting those trying to buy or sell a home?

From Global News.

According to the Toronto Regional Real Estate Board, homes in Canada’s largest city sold for 4.25 per cent less on average in September 2022 than in 2021.

The main reason for the drop in home prices was the rising cost of borrowing. Higher interest rates have combined with fewer sales and a scarcity of homes to drive prices downward.

But the higher cost of borrowing isn’t impacting only those looking to buy a home. As Sean O’Shea reports, one expert he spoke to said higher interest rates could leave some Canadians with no choice but to sell their home.

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