Home sales bounced back to pre-COVID levels in July, soaring 30.5% year-over-year. The home prices are now levelling up with Pre-COVID times and will not be coming down any sooner.
This is the right time to buy and if you qualify, go for it. Prices in Metro Vancouver will not be coming down any sooner now, and your next year's Property Assessment will be at the peak.
The good news is that the Interest rates are low, as low as 1.74% and the qualifying rate (stress test) has significantly come down to 4.79%. But they will last and for how long.....
On the other hand, CMHC’s, Evan Siddall, CEO Calls on Lenders & Default Insurers to Tighten Lending.