Benchmark home prices could fall more than 12 per cent through early next year from the market’s peak, a bigger decline than any of the four national downturns of the past 40 years, according to a report Friday by Royal Bank of Canada economist Robert Hogue.
Canada’s housing market has sharply shifted since the Bank of Canada began raising its benchmark interest rate from record lows in March. The central bank, seeking to rein in inflation that is running at its hottest in four decades, unveiled its largest one-time interest rate hike since 1998 last week. It raised the benchmark rate a full percentage point to 2.5 per cent and promised more increases to come. RBC’s Hogue predicts policy makers won’t stop until they hit 3.25 per cent in October.
For second and third property down payment should be 30% , people specially in Toronto and Vancouver were using house buy and sell like stock those people will suffer somewhat mortgage brokers are responsible who did mortgage fraud