RE:RE:RE:RE:Real estate board of Vancouver
kaykay22222 wrote: Toronto you are wrong, the real estate market has bottomed. 30y Rates are going to 5%. New listings gap to last year is closing. We need actove listings to go back to 2m in US. Powell said only the job market is not in balance yet.
Let me also say one other thing. The lower unemployment, the longer the delay for the Fed to drop interest rates which implies high mortgage rates and elevated long term duration bonds. This is not the type of news that is positive for Urbanimmersive shareholders. It just implies that we're in this mess for a lot longer.
Another thing to keep in mind is that non farm payrolls also includes duplicate jobs. It is not 517k unique individuals that have new jobs but rather 517k job positions filled. These are the same individuals that have to pick up a second or third job because inflation made it almost impossible for them to pay the bills. It also tells me the Fed has more work to do to reign in wage inflation which is very sticky.
Yes mortgage rates are coming down, but it's not going to 3% any time soon. The latest job report only puts upward pressure on rates.