Blame whatever. Just don’t blame money-printing and interest-rate repression.
“Why the current tightening cycle is unlike anything we’ve observed in the past.”
But wait… Many home buyers had mortgage rates that were guaranteed when rates were much lower.
“The economy can handle higher interest rates, and they are needed.” The BoC is way behind the curve, but way ahead of the Fed.
Mad scramble to lock in rising mortgage rates? A few markets went raging-mania hog-wild. Others not so much. In two, prices dipped again.
Rates “need to rise further.” Balance sheet already shrank by 14%, more shrinkage to come.
Folks scrambled to lock in mortgage rates in the hottest markets, no matter what the price. But prices declined or were flat in 4 of the 11 largest markets.
QE ended months ago and interest rates are rising. Home prices fell in three markets, but spiked in others.
Home prices spike in a few cities, “pause” in some, drop in others. Vancouver prices are below August levels.
Home prices fell in Vancouver, Ottawa, and Montreal; were flat in Toronto, other cities for the first time since 2019.