Who would buy a pre built now? You qualify for a mortgage today, wait the one year for your house to be built, then find out interest rates have gone up so much that you don’t qualify anymore. If you back out you lose your downpayment and could be in a lawsuit for not fulfilling your commitment.
How is any buyer suppose to have any confindence in pre built with the boc ridiculously raising rates. They should set and hold but to me it’s like they want inflation below 2% right now.
Like stated earlier, we are below 2% inflation. It’s the increased mortgage payments that are skewing the numbers to 3%.
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