Housing Affordability Is Even Worse Now

Quantitative tightening is still very much at the forefront of monetary policy as we saw mortgage rates on the rise again this week. With variable rates now above 5 year fixed rates for the first time since 2019, sitting on average around 5.5%! Fixed rates for comparison sake are sitting at 5.1%.This week we explore what's happening nationally and how Vancouver stacks up against other major metros. For context and as we look across the nation, this is the most rapid rise in interest rates in the last 30 years combined with the lowest level of sales in over 20 years.. and yet, single family homes across the GTA for example are only at 2.3 months of inventory. Balanced marketplaces typically like to see upwards of 5 months of inventory.Check out this week's episode as we take a look across the nation and how a lack of inventory is still the major theme. Surprising growth numbers continue to come out of Alberta and financial markets rose this week on the news that inflation printed lower than expected. _________________________________ Contact Us To Book Your Private Consultation:📆 https://calendly.com/thevancouverlifeDan Wurtele, PREC, [email protected] Dash PREC778.898.0089 [email protected] www.thevancouverlife.com