The Bank of Canada jacked rates higher by another 50bps, pushing the prime rate to 5.95% and immediately increasing all variable rate mortgages. This continues to put a damper on buyer demand.
Greater Vancouver home sales in the month of October fell to their lowest levels since October 2008, a month after Lehman Brothers collapsed. In other words, home buyer demand is running at crisis levels. The only difference is inventory levels are HALF of what they were back in 2008. Home sellers are digging in their heels. In the third quarter, there were just 1522 sales of pre-construction condos and townhouses, the lowest count since 2012. This is prompting developers to pivot hard and delay new launches. With the pre-sale market hitting the skids, the index of business Confidence in the FIRE sector (finance, insurance, real estate) has fallen to levels last seen during the depths of the pandemic. Court-ordered sales remain low but early anecdotes suggest they are now picking up as private lenders or MICs (Mortgage Investment Corps) push for more liquidity as investor redemptions escalate.
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