Happy Monday Morning! Housing affordability continues to worsen across the nation. While prices are indeed falling, they have not dropped enough to offset the increase in mortgage rates. I gave the following example a few months ago, but basically house prices would need to drop about 25% in order for mortgage payments to be as “affordable” as they were at the peak of the market earlier this year.
Another issue is about current homeowners who were thinking about a move. Whether for downsizing, changing locations, or buying a larger home, it does not make sense if a mortgage is needed.
Giving up the current mortgage will mean a new mortgage at a much higher rate.
This is another reason to delay selling a property with an existing mortgage.
Another issue is about current homeowners who were thinking about a move. Whether for downsizing, changing locations, or buying a larger home, it does not make sense if a mortgage is needed.
Giving up the current mortgage will mean a new mortgage at a much higher rate.
This is another reason to delay selling a property with an existing mortgage.
you can port your existing mortgage in Canada.
Steve, your reporting is bang on and the numbers show it. Well Done Sir!
PS: ever thought of being the federal finance minister… We Need One !