Are you worried about the effects of rising mortgage rates? Apparently 48% of British Columbians surveyed say yes:
As concerns over the state of the Canadian real estate market abound, a new survey says nearly half of Canadians are unsure about their ability to afford their homes if rates rise by as little as two percentage points.
The survey commissioned by the Bank of Montreal study finds 43 per cent believe an interest hike would either hamper their ability to pay or leave them on unsure footing.
Regionally, residents of Alberta were the least concerned, with 73 per cent saying that rising rates would not affect their ability to afford their homes, while residents of British Columbia were the most concerned. Just 48 per cent B.C. residents are comfortable in their ability to handle higher rates.
Yet interest rates, after bouts of rising and falling, seem low and could remain low for some time to come. Is Canada living in a bistable rift, capable of maintaining high prices with low rates ad infinitum, or should we look to the experiences of the USA and Japan, countries where low rates have not lead to a reconstitution of house price appreciation, for more chilling portents?
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Hey everyone, it’s FRIDAY! Do you know what that means? That means it’s time for our regular end of the week news round up and open topic discussion thread. Let’s hop to the links, here are a few recent stories to kick off the chat:
–Immigrants flee cities due to affordability
–Vancouver affordability task force has recommendations
–Vancouver youth exodus
–If you don’t use a REALTOR you might die
–Encouraging a rush to the exits?
–40 min Australian housing bubble documentary (ht DeanBC)
–Canada’s dirty little sub-prime secret
So what are you seeing out there? Post your news links, thoughts and anecdotes and have an excellent weekend!
Spring Break! And it’s that time of the week again, time to do our regular news roundup and open topic discussion thread for the weekend. Here are a few stories to kick off the chat:
–CREA predicts sharp price drop in BC
–Canadian prices to ease this year
–Vancouver to push down national avg.
–Should you sell your condo today?
–Inventory rocket still rising
–Is there a Dr. Kevorkian for condos?
–Economists warn of overheating market
–Van sales jump 61.4% in February 2012
–Toronto has highest condo asking price
–Big Discount Mortgage Blow-out sale!
–Buy Britney Spears house for $4 mil off
–Possible Condo Glut coming
–Buy a nice house, forget about retiring
–Vancouvers demographic timebomb
And of course it’s spring break time! Is this the week to get out of town and explore the world or are you sticking close to home? Is it vacation time lounging by a pool or is it just a hassle to find childcare and another week of office drudgery? At least the sun occasionally shines, spring is in the air!
So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend, week and spring kick-off!