The housing bubble is bursting — globally — in a way it hasn’t for decades.
Spurred on by the dream of working remotely, the desire for more living space, unusually high government stimulus and chronically elevated values in core Metro Vancouver, buyers — including investors — were manically driving up prices in the Fraser Valley by more than 20 per cent compared to a year earlier.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Recent buyers and overstretched borrowers are in jeopardy, especially in Canada and especially the suburbs.Article content Real estate reality: New housing construction has also decreased, along with projections that sales and prices will steadily decline as a recession looms.Central banks around the world are raising interest rates more rapidly than in almost four decades. Markets that spiked have a sudden cutback of buyers and investors who were seduced by mortgage rates of three per cent. Many can’t afford fixed rates of six to seven.
Suburban Toronto prices have also been pummelled. Yet it can’t be forgotten that even with the declines of the past half year, Greater Toronto and Metro Vancouver stubbornly retain some of the most unaffordable housing in the world. The benchmark price of all homes, including condos, in Greater Vancouver is still $1.15 million.One answer is: What goes up the fastest goes down the fastest. Since 2020 overall prices are up by more than 30 per cent in Canada, the Netherlands and the U.S.
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