But the market is stronger than it looks. And that will become apparent later this year and next.
That compares with a decline of nine per cent during the financial crisis of 2008 and 2009, which kicked off the Great Recession. Mortgage rates have, of course, roughly doubled since last March, when the Bank of Canada launched one of the most aggressive interest rate hiking cycles in its history. Indeed, it’s likely worth more than you paid even if you bought during the market’s most exuberant phase., less than 113,000 resales took place in the “hypercharged” period of last February and March when prices were at their highest.And most of those transactions were financed with mortgages granted before or just after the bank started raising rates in March, from a rock-bottom 0.25 per cent, and several months before the benchmark rate reached its current 4.25 per cent.
There is also the record flow of immigrants, who mostly settle in Canada’s major cities. The feds plan an additional 400,000 immigrants in each of 2023 and 2024 in addition to the 431,000 New Canadians who arrived last year.
Flooding the country with 500,000 immigrants, 700,000 foreign students, 750,000 TFWs, over a MILLION unscreened visitors, and 10 MILLION super visa holders to collapse healthcare, suppress our wages, and take our housing. TrudeauMustResign Traitors