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.
Not to mention that anything that is related to housing is the #1 employer, by far, in the GVRD. I cant think of a single industry that comes even close in BC. Correct me if I'm wrong but I dont think I am.