Canadian Real Estate Affordability Got Worse With Higher Rates - What Happened?

Canadian home prices to drop 12% in 2023 but remain unaffordable for many. Buying or Renting a Home in 2023, making sure you’re credit score is up to date, find out more - Free Credit Score in under 3 minutes: imp.i203032.net/Ry32Kv
The drop in home prices in Canada this year will be steeper than forecast three months ago but mild compared with a historic run-up during the COVID-19 pandemic, leaving many first-time buyers still priced out of the market.
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0:00 Largest Real Estate Bubble in the World
3:39 Canada’s Housing Unaffordability Crisis
9:05 Canada’s Rental Unaffordability Crisis
Average home prices in Canada have already fallen roughly 15.0 per cent from their early 2022 peak and are forecast to drop 12.0 per cent this year. Without a large correction, prospective homeowners will continue renting. A strong majority, 7 of 10 analysts, said home ownership would decrease over the next two to three years
Canada faces a challenge that’s not related to interest rates: It needs to ramp up immigration because of its aging population. Otherwise, Canadians will need to pay more for health care and other services.
Canada’s real estate bubble isn’t just consuming the economy, it’s sucking up non-traditional opportunities. Statistics Canada (Stat Can) data shows the underground economy was booming in 2021. The cause of the sudden boom? Housing, which propelled the size of the informal and illicit economies almost as quickly as home prices climbed
Lower interest rates in 2023 could revitalize Canada’s housing market before the end of the year, according to some economists, even as the central bank warns the rate cut conversation is premature. Most economists and experts expect that cooling to continue into 2023, citing prohibitively high mortgage rates, low inventory on the market and uncertainty about where the Bank of Canada’s interest rate cycle will finally peak.
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #canadianhousingmarket #housingmarketcrash #housingmarketupdate

[@DanishGhaziCPA]

Buying or Renting a Home in 2023, making sure you’re credit score is up to date, find out more - Free Credit Score in under 3 minutes: imp.i203032.net/Ry32Kv

[@John-bq9jh]

Back in the 70’s mortgages we’re about twice your gross annual income and a 10% down payment could be saved in one year!!!

[@valveman12]

Mortgage rates go up + fewer people buy homes + more people look to rent - rent goes up= Buy more REITS 💥

[@oddassembler]

Do you think you could make a playlist on stock and etf valuation that is in-depth.

[@DanishGhaziCPA]

Great suggestion, it's on my to-do list!

[@gregr6638]

Thank you Danish!

[@jeffotoole4509]

We need a really good spring market. People need to keep buying. Please people buy. If we can sustain these markets rates ain’t coming down any time soon. That’s the real game here rates. Nothing else matters. I love it

[@johnnyd8605]

Kinda late to the party , just now clueing in Canadas hooped...better late than never I guess.

[@deanoudhini7292]

WEF: you will own nothing and be happy!

[@oddassembler]

Mortgage inquiries have gone up 50% since this time last year. It's a different world...