Canada’s residential real estate market has proved remarkably resilient in the face of rising interest rates, slumping sales and a slowing economy.
“There have been a lot of bargain hunters circling,” he said. “Intuitively, they all expected a catastrophic number of foreclosures with the rising interest rates. But it hasn’t happened – yet,” Shan said. Prior to mid-October, Shan said, typical discounts this year from a property’s assessed value were from 5 per cent to 15 per cent, with some selling for even higher than the asking price from the foreclosure trustee.Shan said it is not a coincidence that the biggest discounts began after mid-October, as higher interest rates began to bite into housing sales.
In Mission, a six-bedroom house of 4,874 square feet sold August 8 for $1,218,088, which was slightly above the foreclosed list price but $247,000 – or 17 per cent – below its original purchase price.
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