The numbers are in and, as one economist puts it, April was the cruellest month for the housing market.
Aside from Calgary and Edmonton, home sales in other major Canadian markets have sunk below their pre-pandemic levels, says Capital Economics. “April proved to be the cruellest month for the housing market, with the recent jump in mortgage rates causing large falls in sales across the country,” wrote senior Canada economist Stephen Brown.
financialpost LOL this nonsense was written the day before RBC upped its rate hike forecast 😂😂😂😂
financialpost If all it takes is this much to take real estate agents to start screaming this industry is going to - and needs to crash
financialpost Let free market do its thing and stop interfering. CrookedCapitalism
financialpost 😂 ya don’t say…. 🤦🏻♂️
financialpost Average US house price $374,000 Average Canadian house price $816,720 Perfectly Normal
financialpost Let it crash HARD
financialpost Free markets indeed.
financialpost Subprime 2.0 gonna be lit !
financialpost How about no?
financialpost Who tf writes these?
financialpost Are realtors working for the
financialpost All the bullish realtors out here trying to defend prices going to the moon lol, get ready for a pay cut if you don't want to move with a downward trending housing market
financialpost I sincerely hope this was just a poor (and irresponsible) attempt at stirring up some controversy. The bank is so late to raise rates, that prices would;d not be dropping if they had a year go, and avoided overstimulating and now needing correction. cdnecon cdnpoli
financialpost Better get the Fed on the horn and let them know ahead of time
financialpost Let’s keep boosting our key economic driver loans backed by taxpayers and money printing and flipping housing. Let CAD depreciate while Feds hike, and keep taxing working families via Inflation tax.
financialpost Has barely corrected yet. Talk when it gets to March 2020, that is still over priced.
financialpost If they do we all know what they think of affordability! 😂
financialpost Why does the BoC has to hit the brakes? Why does when there's a chance of housing being affordable again, the government has to come in and bailout all the investors the price a generation of people out of housing. After bailing out housing, watch for the house pumping headlines
financialpost
financialpost Out of their hands at this point..
financialpost Lol this country is fawkd - inflation will be running out of control for sure….enjoy the implosion folks
financialpost Why not pay the old fashioned GIC holder a rate that partially covers inflation...Anyone here for 5% for a 5 Year GIC !!!
financialpost They should have hit the brakes of real estate 10 years ago!
financialpost Already!! That was quick
financialpost No they don’t.
financialpost Everyone loved it on the way up for investing Well this is what happens when the money printer is turned off.
financialpost Yep
financialpost All central banks have no credibility anymore…remember they said inflation was temporary at beginning? Now they shot on their own foot to repaidly rate hike…stagflation is happening
financialpost lol
financialpost The bankofcanada does not care about investor run up’s. They care about inflation. Your asset purchases are your responsibility. It’s unwise to say they’d have to hit the brakes earlier - because then they’d have to do that with all investment classes (hint: peep equities YTD)..
financialpost Stalling is the point Unless prices drop to be in line with local wages, it hasn’t stalled enough
financialpost People are choosing MAIDs due to unaffordable housing. But yeah let's continue to inflate housing
financialpost Paid advertising
financialpost The Bank of Canada’s job is to fight inflation, not maintain house prices. The journalist who wrote this article should know better.
financialpost Paid for by the realtors association of Canada 🤣🤣 You brought this on yourselves you savy seniors, suck it up take the L and buy a condo like a normal human. Playing around with 2 3 properties, that was dumb.
financialpost So those with financial interests on their properties don't like how fast they are losing equity... awww what a shock.
financialpost Increase amortization period. there...problem fixed
financialpost This economic freight train should have been stopped decades ago. However investors /hedge fund people have made millions in the stock market while interest rates hovered around 1to 2 percent. Suddenly a wake up call . Average middle /lower class Canadians are now being wiped out
financialpost Sounds like investors and the RE industry whining for some bail outs. I thought this was a free market like you fools used to blabber on about. Eat your humble pie.
financialpost This is nonsense.. They have no choice. The social unrest that comes from high inflation will be far more problematic than a 30% correction in housing. It's a necessary evil. OREAinfo stop lobbying you crooks.
financialpost The poor can go pleasure themselves the rich got the BoC by their lemons.
financialpost Also, something like 30% to 40% of all mortgages which originated in the last 5 years in Canada are variable rate mortgages (linked to Prime for those who are not familiar). Prime is already up 0.75% in the last 2 months.
financialpost They need to stay the course and get inflation down
financialpost Investors to BOC !!
financialpost Media now controls the central bank
financialpost Didn’t they just start 🤣
financialpost Hasn't stalled nearly enough.
financialpost Inflation can not be ignored to coddle people who borrowed to much money & are living above their means, Just ask anyone around in 1970 Maybe that 80k luxury SUV might have to be returned
financialpost Good. Prices need to come down.
financialpost I guess prices of houses are more important than people being able to afford food? bankofcanada
financialpost Real estate is still stubborn and not falling as much. BoC must continue to increase rates to cool it further.
financialpost Stalling !!! … Where ?
financialpost Hahaha not happening but sure if you need to fill content space I guess you can write about anything
financialpost This entire economy is such a parasitic, steaming pile of rentier excrement that the only way the National Post can stay in business is by sucking the sack of the RE industry for kickbacks.
financialpost Chris_Guerette lol
financialpost Housing market is too resilient to crumble due to rising interest rates. Bring it on. Another 3% increase can barely make a small dent on prices.
financialpost Whispers “cause they all got skin in the game “
financialpost Wrong. We need interest rates to keep rising until variable rates hit at least 5-7% (rate of inflation) to correct the market. Home prices are totally unsustainable and divorced from incomes. Investors need to be chased out of the market so supply balance can be restored.
financialpost Lol. Keep them going up
financialpost BoC hits brakes w/o FED? So your house price won't drop? Go try, I am watching.
financialpost Thanks to Carney the Canadian economy is a housing based pyramid scheme waiting to implode.
financialpost Yes let's tank the CAD to save over inflated home prices.
financialpost Just Spin doctors coming out
financialpost We wouldn't want prices to drop or anything... nolimits QE moredebt
financialpost No way you don’t say! We are screwed in Canada… way over dented
financialpost The housing market is akin to my 90 year old grandfathers driving habit, one foot on the brake, the other on the gas.
financialpost LOL
financialpost Inflation is at 30 year highs. Any pause in interest rate hikes without a drop in inflation will bring out the pitchforks.
financialpost Housing prices are a byproduct of these decisions not a driving force. BoC cares about uncontrolled inflation not housing prices.
financialpost Previously the BoC's would have done whatever required to support/protect asset holders. With the specter of inflation growing ever more menacing, and worse yet, the possibility of stagflation setting in, the prospect of BoC reversing their course near-term is slim and none.
financialpost It would be consistent with the patterns of the past 25 years. 'OMG asset prices are falling somewhere let's slash rates!!!'
financialpost inflation is out of control
financialpost “Housing price growth is unsustainably strong in Canada it would not be a bad thing for the economy, for the growth in housing prices to moderate a bit and we do expect it to happen as the rates go up, it needs to happen.” - Bank of Canada
financialpost this post is a fucking joke, gross
financialpost It’s getting pretty predictable folks.
financialpost Inflation for me, but not for thee...
financialpost Isn’t BOC hiking rates to control inflation ?
financialpost Get the fuck outta here
financialpost What a ridiculous proposition. 'Omg home prices haven't been skyrocketing for 3 whole months!' Go look at a 10 year housing chart. Rates must continue to increase or we are in for a much bigger disaster than a simple recession.
financialpost Rich investors came crying and want BOC decide to their favor already. Well they are used to decisions made for the rich. let the poor pay more price on their grocery, what matters is our MM$ houses keep going up.
financialpost Stalling? Where is the market stalling? Downtown Toronto? Certainly has not stalled in kingston and surround area.
financialpost Where's the reduction in housing prices?
financialpost Can’t have homes become affordable again, that’s bad for business.
financialpost Zero chance of this happening, more paid nonsense by the real estate industry
financialpost The have to find the steering wheel first....
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