Last week, the bank of Canada increased rates once again – for the 7th time this year by 0.50 %, bringing the prime rate to 6.45%.
Default mortgages are not flooding the markets at this point – but there are reports of some private lenders reporting on missed mortgage payments. Expect some Power of Sales to hit the market next year.
The amount of new listings arriving on the market are very few. This is due to the fact of many having the mindset of sitting back and waiting and in turn, this has supported home values.
Next year it’s anticipated that a projected 3.3% decline in overall home prices can occur with an increase in housing supply to come onto the market due to homeowner financial stress.
I always like to end off with saying, if you are feeling financially strained, get some professional advice to give you some options to relieve the financial burden. You do have options! Stay Informed, and Stay Educated.
Stay well everyone!
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