RE:RE:RE:RE:RE:RE:Real estate board of Vancouver
kaykay22222 wrote: Never ever do we want Mortgage rates at or below 3% again (buying frenzy) Look at pre-covid 4-5%, which is healthy for UI's business model. I agree with you on the job market, those are weak part-time jobs, not white collar. 2021-22 people bought there secobd and third homes, which thwy now have to give up.
4-5% mortgage rates would be healthy for the real estate industry but the only problem is the affordability of homes today and pre covid is vastly different. There are a lot of buyers that are simply priced out of the market even at prevailing interest rates. The S&P core logic case Shiller national home prices declined for a 5th consecutive month and is now down 5.37%. I expect that at a National level, home prices will drop in the 10-15% range and I think this would provide a better balance between buyers and sellers.
The sooner we get price stability, the better it would be for shareholders.