Bank of Canada Rate Hikes Softening Demand in Major Markets: RBC And they’re likely not done dropping just yet, with the author of the report, RBC Senior Economist Robert Hogue, predicting “further reversal of the massive pandemic-era gains in these and other markets in the period ahead.” He notes that home resales dropped 9.3% from April to May as inventory levels sat 26% above what they were one year ago. “Vancouver buyers are the most rate sensitive in the country and will be seriously challenged by the Bank of Canada hiking by an additional 100 basis points as we anticipate,” Hogue wrote.