Despite the recent decline, lumber prices remain significantly elevated compared to pre-pandemic numbers. Trapped inside their residences, many diverted the money they would have otherwise spent on travelling to home renovations, hiking up demand. “We have people looking to do renovations to their homes, new home builds. Elevated lumber prices have also pushed up the […]
“The only reason that anybody’s seeing any type of reflection on the market cooling off a little bit is not to do with the economy,” he said. “Most of it is to do with the frustration with COVID-19, and the last 15-16 months of everyone being cooped up at home. Ibrahim said that a late-summer […]
The new stress test level represents a relatively modest increase from the previous rules, with the hiked rate reducing buying power by around 4% for most Canadians. Still, one BC-based broker told Mortgage Broker News that the announcement of a higher qualifying rate may have had something of a symbolic effect on the market. “You […]
“I think that we were all bursting at the seams, and there’s only so much that you can do. Anybody that’s levelling up their business right now, and trying to think that were the new normal is foolish. “Homebuyers are now back into a situation where, if a house is listed for $699,000, they’ll have […]
In fact, an expected market surge as homebuyers rushed to complete deals before those changes took place appears to have failed to materialize. “The last three months have been our best months ever as a brokerage, and June will beat it. Of course, one of the most significant unknowns for the Canadian housing market during […]
Record low mortgage rates and the work-from-anywhere phenomenon have juiced up house prices,” said Abhilasha Singh, economist at Moody’s Analytics. “Resale activity rebounded … and new listings coming on to the market did not keep pace with demand,” Singh explained. …Read the full story
The poll showed that 54% of Canadians believe the current market to be skewed towards sellers – a figure that’s at its highest since 2009, up from 41% last year. “The consequences near- and long-term are going to have to be very well thought through on this one,” he said. The pandemic is widely viewed […]