Looks like property is selling for under asking price instead of over now.
No way I would buy presently with the prices starting to fall.
Lets hope the correction is at hand.
This is why corrections are long and painful. Sellers refuse to "give up equity" and buyers don't want to catch a falling knife, so we get a long slow melt.
Lots of stuff at play:
- 5-year rates up
- US Treasuries on the rise, very high chance Fed hikes rate on Dec 14 which will put more upward pressure (yes in Canada too)
- Foreign buyers tax BC
- Empty house tax in Van
- New mortgage stress test for high leverage goofs
Once the negative momentum starts, it's hard to reverse, especially in a slow growth economy like ours.