Trashing Steve and Rei, and those like them, won’t help you into a home. The kiddos think they’re entitled to buy a home just as their parents did when populations were smaller by half, urbanization less and before anyone ever heard of Covid or WFH. Of course, all those taxes heaped on properties just serve to make them more costly to own, and to sell. Like it or not, with pent-up demand and low inventory (thanks in part of amortization-extending by the banks) demand now exceeds supply and prices have reversed. After all, mortgages cost double the rate of a year ago, the stress test is north of 7%, recession talk has been all over the media and most Canadians are only brave buyers when things are going up, getting more expensive, make little sense and pose less value. The bank says April was “a surprise to us.” Economists had been expecting the market rebound would take months longer. In Toronto, a 2.4% rise was the second in as many months, adding more than $35,000 to the benchmark price in the process (now sitting at $1.11 million).” The index jumped 5.4% m/m in Hamilton, 5.1% in Cambridge and 3.9% in Kitchener-Waterloo for example. By our count, the MLS HPI increased in over three-quarters of local markets from March levels.
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