If u r a buyer who thinks prices will 🚀 again once rates stop going up, think again.
🏡prices increasing by 10%-20% like they have the last 10yrs is NOT normal.Never was, never will be.
Avrg. appreciation last 30yrs in ON is closer to 5%-7%yr. Anything more is gravy.
6 months ago, EVERYONE talking real estate 24/7.
Today, EVERYONE talking inflation, recession, interest rates 24/7.
Ppl who do not usually pay attention to economic news r all of a sudden asking questions,paying attention & educating themselves.
Next 6m will b interesting.
My mortgage broker friend just reminded me that childcare expenses are not included in the Canadian mortgage stress test. In many provinces, they are a family’s second largest monthly expense.
In an ideal world, anyone would be able to bring proof of a rent increase to the Ontario Government and have Doug Ford's mortgage rate increased to match it.
20% rent increase? Dougie's mortgage payments go up 20%.
Maybe then he'd take action on the housing crisis. 🙄