Graeme Roy/The Canadian Press
In other Ontario cities such as Oshawa, Windsor and Kitchener, realtors are reporting high levels of activity. A detached house in Kitchener received 53 offers and sold for $491,000. The asking price was $299,900.“So far, we have not seen anything that makes us think that we are going to have a drastic shift in activity,” said Christopher Alexander, Re/Max’s regional director for Ontario and Eastern Canada.
Federal and local governments have stopped all non-essential activity, canceled school and restricted large gatherings. Ottawa has urged people to stay at home but has stopped short of ordering a general quarantine. Mike Stewart of Oakwyn Realty Downtown Ltd. put it this way: “We have cancelled all our open houses, and it is dead as a door nail out there."
Bubbles usually involve all asset classes; real estate is not immune to the bust unfolding in equities, commodities, etc. recession depression debt economics assets bankruptcy
'The central bank’s second cut of 50 basis points, to 0.75 per cent last week, did not trigger lenders to drop fixed mortgage interest rates as they would typically do.' Prime rate and fixed mortgage rates are not related...
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