Canada’s housing markets are still squarely in correction mode. The latest results from local real estate boards confirm activity and prices generally remained under intense downward pressure in November. This was entirely expected considering the heavy toll soaring interest rates are taking on buyers from coast to coast. Higher rates are forcing many of them to put their purchase plans on ice and others to house-hunt on a reduced purchasing budget. We think this will continue to be the case into the early part of 2023—conditional on the Bank of Canada halting its rate hiking campaign this month.