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October Market Update

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.


We're here to help guide you through these market changes and ease recovery. Get in touch with us at callateam@countoncalla.ca so our team can evaluate your financial situation and provide you with unbiased advice!

 

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages.


In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her the 2020 Business Leader of the Year Award.


Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please get in touch with Angela at hello@countoncalla.ca or at 604-802-3983.



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