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Originally Posted by fundmark19
I am sure this is the bottom!
Since the us promised to keep its rates low again can Canada really afford to raise ours? By raising our rates with the US not raising theirs our Dollar value will rise which in turn makes our sales of goods to the US lower making our economy struggle again? Does anyone have any more insight on this? Seems like Canada is stuck between a rock and a hard place so to speak
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It's not bottom. A house typically should be about 3 - 4 times your income. that is not the case in Calgary. Interest rates have nowhere to go but up, and when that happens prices will come down, and there will be fewer buyers. Add in the fact that the boomers begin turning 65 and many will be looking to downsize/move away it could be very interesting.
I'm not saying I know when it will happen, but interest rates will start to increase this summer, and I think it will gradually rise to about 8%.... This is going to hurt a lot of potential buyers and will all but eliminate the majority, UNLESS housing prices come down, which is what will ultimately happen, unless wages increase I guess.