Housing market activity and prices have declined as per the latest market reports and the Bank of Canada continues to combat inflation with rate hikes that have been affecting the cost of borrowing. CIBC’s deputy chief economist, Benjamin Tal, describes what’s happening today as a reallocation of activity and a necessary adjustment after the record high activity levels we’ve seen when rates were extremely low. However, given the rising rates, more than 50% of Canadian mortgage borrowers are concerned about...