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.
Spooked by inflation not being temporary.
ECB second giant to taper. Bank of Japan already ended QE. Bank of Canada shed 15% of assets. UK, Australia are tapering. New Zealand quit cold turkey
The housing insanity “softens.”
The price of FOMO.
And the utter craziness has begun to “decelerate” in some markets.
Why is the Fed so far behind the curve? Other central banks are now making room for “persistent” inflation.