Rising interest rates have changed the mentality about the housing market:

[@mikedennington8856]

Obvious it was all over priced and stupid people jumped in allowing realtors to reap the commissions.

[@JustinBee369]

Yes! 😊

[@tigalbaby]

If a mortgage should account for 20 % of someone’s income , then a millennial earning gross 60000$ a year can afford a mortgage of 1000$ a month max . Prices will have to go way down from current levels for this to happen . Can new starter homes / units be priced at less than 200,000$? This will be the challenge for the developers. For only at this price point can we begin to talk about affordability for the millennials given interest rates in excess of 5% .

[@tigalbaby]

@@marc37921 😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣

[@Eric-lx8hp]

But the rich wanna get richer, can't stop tht train lol

[@tigalbaby]

@@Eric-lx8hp and with the stock market decline , they many will join the rank of the plebs .

[@bilsid]

price of houses rose 150% over the last 4 years. 10% down is not a correction but a minor blip. Prices need to go down at least 50% for the young generation to afford a habitable shack. and for that interest rates need to rise to atleast 5%

[@martyj3215]

In vancouver the house which was purchased for 650000 in August 2015 earlier this year was sold for 1850000 .that’s was unreal !

[@m.b5777]

This guy has no clue. There is more than enough supply but 30% of all homes were purchased by investors to flip for a profit. Pretty much everyone who had access to a line of credit or HELOC bought a unit to flip. This means that the down payments also came from borrowed money. That is where much of demand was coming from. Currently hundreds of thousands of units are being kept empty across Canada. Investors bought them to flip. They didn't care about negative cash flow when homes were appreciating 20% a year. Now all those homes will hit the rental market or sales market when investors cut their losses in a rising interest rate environment.

[@jaymar1615]

Correction 41% of all homes in canada are in fact owned by multi property investors that's 2021 stats can Stat.....and 76% of all pre build condo sales are sold to investors

[@pammurphy4300]

I don’t think it’s a problem, after all the WEF has a plan for this.

[@sparkymedic]

Lol. Here's hoping Klaus Schwab swings from the gallows sooner than later.

[@Chris-se3nc]

So the stretched market at 1.5% will see an adjustable rate mortgage in at most 5 years like what happened to home owners in 2008 in the US. Learn from the big short. Buy swaps :)

[@johnnydeep5933]

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[@kingwilliams2551]

Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.

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[@Thomas_Paine1286]

Won’t trick me into buying, everyone knows In 2 to 3 years this whole thing is getting ready to go bust

[@sparkymedic]

You think it'll really take that long?

[@m.b5777]

It is already crashing. Some foolish people have taken 1 million mortgages with average incomes

[@dsj9831]

It won't take that long.

[@Thomas_Paine1286]

@@sparkymedic the FED will bailout again atleast once but this is probably the last time

[@sparkymedic]

@@Thomas_Paine1286 perhaps...but the people seem to have had enough...not like the government listens to the people though. Time will tell I guess.

[@uponsunnah6986]

2:13 20% decline is needed in order to keep same affordability.

[@DA-pt1em]

It'll be around there a year from now.

[@lilsabin]

looool , was that robert kavcic guys , reading a script ? Com on , look at his eyes :)

[@JustinBee369]

Literally all people on TV will read from a teleprompter. Nobody freestyles it. It would be a disaster. He probably has key points that he's looking at to help jog his memory too.

[@JustinBee369]

❤️

[@donm2067]

You mean my 3bdrm, 1 bath 1972 home in Markdale isn't worth 1.1m$? Oh well my post war home in Collingwood is still 1.6m$

[@WaysToWealth]

Early innings

[@baseline6786]

Already entering a recession. So rates will have to come down some and not keep going up.

[@DA-pt1em]

Lol not if inflation keeps rising

[@baseline6786]

@@DA-pt1em then the boc will be dealing with a recession and inflation. People and the economy can handle elevated inflation.

[@Antoine.Gagnon]

House are now worth 600k they were 250k like 10 years ago. RIP home ownership. You will need to leave the city and go in rural areas. Many Arabs and black no Quebecers or very few in Laval upper Montreal. RIP culture

[@donm2067]

Rural areas are extremely expensive. Middle of no where butt hole towns are 1m$ now

[@sparkymedic]

The real question is though, why on earth would you want to live in a city?