UK just entered a recession (two successive quarters of negative growth), Japan is in a recession. Unsure if all countries use the same criteria. Bets are saying there will be no interest rate cuts in the US until September as inflation did not drop as much as expected- who knows what will happen between now and then. If they cut the rates too soon, inflation will increase.
Biden has been fudging the job numbers then revises them down every single month.
What is the saying, When the US sneezes- Canada catches a cold?
2M for a house! Major urban centres across Canada are probably the same.
How does someone even qualify for that?
https://www.gvrealtors.ca/media-roo...market-shows-resilience-in-2023--ending-.html
I saw on their page, they were predicting rate cuts in Spring but they are just doing their job of selling houses, probably just telling buyers to let their mortgage rate float and ride it on the way down before locking in. Used house salesman says 'Trust me Bro.'
People can hardly afford to feed their kids but those with their house paid off should be okay. Anyone with a mortgage up for renewal will have to stretch it out or get ready to make larger payments.
I was horrified at the grocery store today, $3.29 for a can of Campbells soup- glad I got into making my own. 4 Pack of nice muffins or 6 Compliments $8.99!
US and UK Bros complain about grocery prices too, so we are not unique in that regard.
Experts have been saying for years that the housing bubble in Canada will burst, they could be right eventually. I'm thinking mortgage renewals in 2025 might just do it.