Everyone is missing a critical point. In Canada we do not lock in mortgage rate for more than 5 years. So what REALLY matters is what rates will be when you renew every 5 years (or every month if you are variable). Real estate values are far from stable or guaranteed but are clearly highly correlated to interest rates and payments. The pre-approved super low rates are petering out so buyers WILL be paying much higher payments. So will owners that are up for renewal. If you are in a low rate loan now just be thankful for yourself because the buyers now could care less about YOUR low rate. When you renew or lock in is what matters. Values will fall more the higher rates go. So roll the dice. You are only playing with possibly hundreds of thousands of dollars in value plus your monthly expenses.
Everyone is missing a critical point.
In Canada we do not lock in mortgage rate for more than 5 years.
So what REALLY matters is what rates will be when you renew every 5 years (or every month if you are variable).
Real estate values are far from stable or guaranteed but are clearly highly correlated to interest rates and payments.
The pre-approved super low rates are petering out so buyers WILL be paying much higher payments. So will owners that are up for renewal. If you are in a low rate loan now just be thankful for yourself because the buyers now could care less about YOUR low rate. When you renew or lock in is what matters.
Values will fall more the higher rates go.
So roll the dice. You are only playing with possibly hundreds of thousands of dollars in value plus your monthly expenses.
Average people with above average wages can't afford below average towns. 1m$ for trainwreck houses in the middle of nowhere is beyond insane.
Uh my area has quadrupled since the pandemic.... Houses that were sold last year are re listed at a min 2x with most be 3x+... One year!!!!
Which community is that ?
Clearwater, north Thompson.
If you're thinking of coming here to "invest", trust me the price has already moved.
A multidecade bubble downturn will only last 1.8 years?
Timberrr