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MNI BRIEF: BOC Started Hiking Too Slowly, Toronto Realtors Say

(MNI) Ottawa
TORONTO (MNI)

Canada's largest urban real estate board criticized the central bank Thursday, saying slow rate hikes fed inflation that is adding to affordability struggles.

"With the benefit of hindsight, it appears that the Bank of Canada’s rate increases started too late. Now we are dealing with outsized increases to curb generationally high inflation," Toronto Regional Real Estate Board President Kevin Crigger said in a monthly report on home sales. The number of transactions plunged 47% in July from a year earlier while the average sale price rose 1.2% to almost CAD1.1 million.

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Canada's largest urban real estate board criticized the central bank Thursday, saying slow rate hikes fed inflation that is adding to affordability struggles.

"With the benefit of hindsight, it appears that the Bank of Canada’s rate increases started too late. Now we are dealing with outsized increases to curb generationally high inflation," Toronto Regional Real Estate Board President Kevin Crigger said in a monthly report on home sales. The number of transactions plunged 47% in July from a year earlier while the average sale price rose 1.2% to almost CAD1.1 million.

Keep reading...Show less