Comments on: Canadian Real Estate Affordability Hits Worst Level Since The 90s: Bank of Canada https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/ Canada’s Fastest Growing Real Estate News Source Thu, 11 Aug 2022 02:46:12 +0000 hourly 1 By: Yoroshiku https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85157 Thu, 11 Aug 2022 02:46:12 +0000 https://betterdwelling.com/?p=21620#comment-85157 In reply to Remington.

My cousin couldn’t sell his Etobicoke house so he put it on the rental market for $3500 and potential renters have started a mini bidding war. Crazy times.

]]> By: Lou https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85155 Thu, 11 Aug 2022 02:07:58 +0000 https://betterdwelling.com/?p=21620#comment-85155 Then you have BOC asking not to give raise because supply price and spending won’t reduce inflation… Isn’t it time to rethink the domestic wheel I m sorry maybe time to pass the buck to people instead of grants loans to industries at gov too? just letting BOC do their part isn’t going to cut it.

]]> By: Remington https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85146 Wed, 10 Aug 2022 20:24:20 +0000 https://betterdwelling.com/?p=21620#comment-85146 Even with 0% rates it’s still unaffordable for the vast majority.
Even for investors buying million dollar properties they still have to rent them for $3500 or more just to cover the bank payments. So even to rent is so damn expensive. You now need several incomes in the home to afford the payments. Nothing like living with 20 people in a house just to get by.

]]> By: om https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85144 Wed, 10 Aug 2022 19:50:43 +0000 https://betterdwelling.com/?p=21620#comment-85144 In reply to Bruno.

Do you have a crystal ball??

]]> By: ItsComing https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85143 Wed, 10 Aug 2022 19:19:19 +0000 https://betterdwelling.com/?p=21620#comment-85143 In reply to Bruno.

oh it will happen, remove those blinders. We are now in unchartered territories – global pandemic, inflation, high interest rate, supply chain issues, war, household debt of 1.86, layoffs, should I go on? if you are mortgage free, rich, etc. Good for you but I am talking about the 95% of the population. It won’t be short term pain, it will be a longgggg term pain and don’t worry about even the price goes down 50%, most people will still not be able to afford it due to high interest rate and stress test. Enjoy and keep spending, after all, we are tired of the 2.5yrs stuck at home right? this is exactly what BOC doesn’t want you to do but who cares…more interest rates coming. 100% and this will further delay controlling inflation. need some popcorn?

]]> By: Yoroshiku https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85139 Wed, 10 Aug 2022 18:23:40 +0000 https://betterdwelling.com/?p=21620#comment-85139 In reply to Bruno.

I suspect BOC will slash interest rates as soon as they possibly can ‘incentivize investment’ and reinflate the bubble.

]]> By: Bruno https://betterdwelling.com/canadian-real-estate-affordability-hits-worst-level-since-the-90s-bank-of-canada/#comment-85135 Wed, 10 Aug 2022 17:33:07 +0000 https://betterdwelling.com/?p=21620#comment-85135 Short-term pain. Lowering rates incentivized investments now prices need to make sense before investors will jump in. You can’t just get rid of 20% of the market and not expect a collapse in demand.

Ownership is still a pipe dream for most of the schmucks complaining prices need to fall 50%-80%. Not going to happen.

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