As interest rates continued to increase in May, after a pause in the winter and early spring, it made it harder for prospective buyers to qualify for a mortgage and reduced the amount they could borrow.

Earlier today, the Bank of Canada announced that it would hold the line on interest rates after a slowing economy was reported last week but it did not rule out further increases.

Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area. Record immigration levels alone will assure this.