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3Â Kommentare
Unfortunately this isn’t likely to hold.
Carney’s budget still has record levels of immigration (temporary, asylum and student) which will prop up rent and home prices.
It’s actually worse because almost all of our population growth is via immigration, and immigrants generally migrate only to large urban centres (Toronto, Vancouver). Which will further concentrate the issue there.
Good. Now if we have a couple of years of solid housing cost deflation, our major metros may actually end up habitable for more than just those earning an upper middle class income or higher.
Those 2021 purchases made with 1.7% 5 year mortgages are going to take some time to filter through the system.. A not insignificant # are up for renewal next year, at much higher rates + lower property values.
Plus the oldest boomers are now 80 years old.. At some point ya gotta think they’ll start bailing out en masse.
I’d say the next 10 years are looking no bueno.