Here's the grain of salt: Canada and Australia do not have 30 year mortgages yet face similar housing woes.
That said, it seems like the article buried the lede and is really complaining about interest costs.
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That said, it seems like the article buried the lede and is really complaining about interest costs.
Where exactly?
For example, I live in Montreal, the stast for August:
Single-family home median price increased by 7.3% year-over-year to $633k.
Condo median price increased by 3.7% year-over-year to $422k.
Plex median price increased by 10.1% year-over-year to $840k.
> While some major markets — Winnipeg, Regina, and Toronto — saw home resales go up from August to September, most markets remained tepid.
> Vancouver, Calgary, Edmonton, Saskatoon, Hamilton, Ottawa, Montreal and Halifax saw slight declines, “suggesting the recovery is still uneven and fragile,” RBC economist Robert Hogue said in the report.
I know that out here on the west coast my property valuation has dropped from the peak. Not much, but it’s clear from talking to realtors that you just can’t buy a house and flip it a year later anymore.
I think that depending on how you slice the data,