Everybody goes on and on about how the lower interest rates will prop up the housing market. Well, none of those lower Bank of Canada rates are doing anything to the cost of borrowing. As well, the banks may be shunning new buyers who generally stretch themselves out quite a bit to buy a new house.
The resale housing market is now dead, and I'm waiting for the condo crash, which should be delayed several months until people have to take possession. Many people put on 2 year deposits for a larger condo, assuming they would quickly sell their starter condo, once they had to take the new one.
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