High interest rates have applied the brakes to Canada’s mortgage market, which saw growth slow to a 22-year low in September.

Without that boost in spending, the central bank’s key overnight lending rate would be about 3 per cent instead of the current 5 per cent, according to Scotiabank calculations.

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined on a month-over-month basis in October 2023.