LACKIE: Housing market taking a beating thanks to rising interest rates

In spite of their best efforts, even the TikTok realtors are struggling to find anything even remotely hopeful to cling on to.

Lest there be any confusion about what is behind this seemingly abrupt turn, it’s not a summer slowdown nor a return to pre-COVID market rhythms — it’s interest rates.Article content For all of the talk of supply and demand, shifting buyer priorities, population growth and immigration targets, it turns out that what should have been the most obvious element of all has also been the most impactful.

Meanwhile, the cries for help are already starting. Predictions abound that the government will step in and do away with the stress test, extend amortization periods, or offer payment vacations. Forgetting of course that the government we would be asking to save us is the very same that used every tool available to prop up our housing market through the pandemic, allowing this bubble to form in the first place.

Who knew? 🤣🤣🤣🤦🤦

Don’t feel bad for all the real estate agents fleecing people.

Investment in housing is crumbling and prices for everything is rising. The interest rates are not helping anyone but the banks.

Hopefully all Liberals will lose everything.

If by taking a beating you mean sellers are less able to fleece prospective buyers because they have priced themselves out of the market, I agree.

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Prices are falling but rents are rising in Canada's paradoxical housing marketAn unintended consequence of falling prices is the increased pressure on rental housing, write Murtaza Haider and Stephen Moranis. Read on You need to do more research work on this article. Look at the inflation input variables. Its pretty sad Canada has gotten so bad that the slaves who build the condos couldn't in their wildest dreams ever afford to live in one!
Source: financialpost - 🏆 7. / 85 Read more »