The Bank of Canada is set to raise rates, yet again, next week further impacting the already heavily stressed mortgage market. Effective payments to pay for a typical home have doubled in the past 2 years and variable rate holders are feeling the pinch. We dive into what will happen next and when you can expect rates to start coming down.
November stats are in and we look at the National level and at the local level whereby we look at inventory levels, sales volumes and what is happening to prices in Vancouver. Despite all of the recent action from the BoC and consumer confidence below that of the global financial crisis - how is it that prices have remained very consistent for the last 5 consecutive months?
From there we take a broad look at national prices and inventory levels to see how they measure up to our local marketplace. Interestingly, we take a dive into the Bank of Canada’s first recorded loss in its 87 year history and how they’ve painted themselves into a corner that’s getting harder and harder to get out of. We review what was said and forecasted versus the actual outcome and what it means for markets going forward.
This week is a loaded episode with some great macro and micro level data that you surely don’t want to miss. With a rate hike coming next week here in Canada, we take a stab at what that rate hike looks like and how it will affect the market as we head into 2023.
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Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com
