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Canada's Real-Estate Market Stumbles as Rate Hikes Bite – The Wall Street Journal



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TORONTO—Canada’s real-estate sector, once .css-1h1us5y-StyledLinkcolor:var(–interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;.css-1h1us5y-StyledLink:hover-webkit-text-decoration:none;text-decoration:none;among the hottest in the world and a key driver of the country’s economy, is seeing some cracks.

Several major real-estate developers are defaulting on loans, buyers are having trouble closing on units, and dozens of condominium projects are being shelved. The effects could linger for years, turning housing, once the engine that drove the Canadian economy, into a brake that stalls growth, say developers, real-estate brokers and economists.

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Harry Miller is a writer and editor based in Toronto who has Ten years of experience in the journalism industry. Before coming to Canada News Media as a National Online Journalist, Miller worked as a senior writer and a reporter-editor with the Canadian Press and a breaking news reporter with the Toronto Star. Miller currently holds two bachelor’s degrees, one in journalism from Ryerson University and another in communications and film studies from Carleton University.

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