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Fitch Ratings, a leading provider of credit ratings and financial commentary and research warns that Canada’s real estate downturn will continue this year.

The BoC raised its key interest rate to 4.25 per cent this morning. The Bank of Canada has increased its rate seven times this year.

With sales down almost seven per cent from October, and new listings off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season.

Last week, Deputy Prime Mininster and Minister of FInance, Chrystia Freeland introduced Bill C-32, the Fall Economic Statement Implementation Act.

Fraser Valley housing market sales for October remained relatively unchanged from last month as prices dipped slightly across all categories.

Canada’s central bank increased its key interest rate to 3.75 per cent this morning. In hopes of fighting inflation, The BoC has raised its policy rate six times since the month of March.

A Canadian recession will come a lot sooner than initially expected, cautioned the country’s oldest and most established bank.

Continued slowing sales and a slight rise in inventory in September combined to bring greater stability to the Fraser Valley housing market.

According to a recent Statistics Canada report, an increasing number of Canadians are renting their homes, rather than owning, as the cost of home ownership soars.

The country’s second largest bank foresees reduced home prices in British Columbia and Ontario