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Lower home prices helped revive the Toronto real estate market in May with sales climbing for the third straight month.

Canadian homeowners are increasingly struggling to keep up with their mortgages, especially in high-priced Ontario and British Columbia markets, as higher interest rates make it harder for them to service their debt when they renew their loans.

A new national rental report indicates that Ontario remains at the forefront of Canada’s rental market correction, with almost every major city examined in the province posting year-over-year rent decreases. The lone exception was one city, where strong student-driven demand continues to put upward pressure on prices.

Throughout much of the GTA, particularly in the condo market and many suburban communities, sales activity remains muted. Buyer traffic is light, and those actively shopping are entering negotiations cautiously, often expecting to purchase below the latest comparable sale price. There’s very little sense of urgency, with many buyers taking their time and waiting for opportunities they see as good value.

Figures released on Tuesday by the Toronto Regional Real Estate Board (TRREB) showed 5,946 home sales recorded in the GTA in April, a 7% increase compared with the same time last year. New listings were down 9.3% year over year to 17,097, a tightening dynamic that suggests more competition among buyers in at least some corners of the market.

The Bank of Canada held its benchmark interest rate at 2.25% on Wednesday, marking the fourth consecutive hold but warned that interest rates may need to change depending on the duration of the oil price shock and the outcome of trade talks with the United States and Mexico.