In this episode of Own Your Life, we plan to cover the current hot topics:
~ Canada’s Planned Rent-to-Own Program √
~ September’s Sales Data √
~ Mortgage Rates Could Hit 7% √
~ The Looming Recession √
👉 Learn more, call Jessi at 604 716 6474, email jessi@jessijohnson.ca or schedule a time to chat here: https://calendly.com/jessirealestate
Under Trudeau’s leadership, he is pushing for Canada to fund ‘rent-to-own’ program under C$2 billion housing plan. Like most government “planned” programs, they have provided very little information. This is likely because they have not figured out how to do it. The idea is to create path for from renting to buying, obviously. It sounds too good to be true and we all know how that usually ends.
Canada’s home prices surged more than 50% during the COVID-19 pandemic. This was fuelled by many factors like; Sellers not wanting list their homes in order to avoid humans contact and and thus avoid catching covid, which reduced inventory greatly, we experienced rock-bottom interest rates, and what many said were the cheapest borrowing rates in human history & this all lead to booming demand in the market.
Recent increases in interest rates by the Bank of Canada, which is aiming to curb high inflation, have caused our housing market the slow down substantially. Although home prices are softening, higher mortgage qualifying rates are keeping some would-be-buyers out of the market. CMHC has said the country needs to build millions of new homes by 2030 to restore affordability. Trudeau has pledged to double the pace of homebuilding over the next decade but has shown no guidance on how he plans to do this.
The problem is too little, too late. So many things should have happened a long time ago to prevent where we are today. To make matters worse, we have new factors causing challenges. Supply chain issues, inflation driving building costs higher and a shortage in skilled workers to say the least.
Metro Vancouver residential sales decreased by 46.4% from a year ago in September 2021, with sales continuing to slide downwards recently with a 9.8% drop compared to this past August. Last month’s sales were 35.7% below the 10 year August sales average. According to the Real Estate Board of Greater Vancouver’s analysts, the drastic increases in interest rates by central banks globally in an effort to stamp out inflation has resulted in increases in borrowing costs, which in turn has lowered the spending limits of buyers, or moreover has taken many buyers out of the game. All of this has directly affected the number of homes being sold.
Watch the video for more details 🙂
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