Canada’s housing market collapsing: prices down 9% in 2 months, buyers unable to secure mortgage because house losses value before closing

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by BtcKing1111

In the last 2 months alone, housing prices have fallen 9%.

Buyers are unable to secure mortgage, because by the time they go to close, bank’s home appraisal shows the value has fallen drastically.

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More and more buyers requiring lawyers to intervene on deals they can no longer close, and getting Sellers to drop price after already accepting the offer (sellers don’t really have a choice but to agree to concessions, because if the deal falls through, they face even worse prospects on the market).

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Bank of Canada has already risen rates from 0.25% to 1.50% this year, and expected to go to 2.25% by next month, causing sudden and fast cooling in real estate sales.

www.bnnbloomberg.ca/distressed-deals-pile-up-in-canada-s-once-booming-housing-market-1.1780269

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