forma condo prices.May Canadian mortgage rates rise to 7%? The latest lending rate forecast from Desjardins, a Canadian financial institution, shows that interest rates on five-year fixed-rate mortgages are likely to reach 7 per cent by the end of 2022.Please Visit: forma condo prices to Get Your VVIP Registration Today!
Desjardins said higher inflation could push borrowing costs to a generation high.
According to forecasts, by the second quarter of 2022, the interest rate on five-year fixed-rate mortgages is expected to be between 5.3% and 6.3%, rising to 5.3-7.0% in the fourth quarter, 5.30-7.15% in the first quarter of 2023, and falling to 4.85-6.75% by the end of 2023.
Although the Desjardins offers a range of interest rates, they believe that interest rates are more likely to reach the upper limit.
Although the impact of higher interest rates on house prices in Vancouver is still under discussion, prices in Toronto, another Canadian metropolis, have begun to “plummet”.
The median price of urban housing in the GTA area plummeted 22% between February 1 and April 19, according to data from 51 home hunters.
At the same time, semi-detached and freestanding houses fell by 13.5% and 12.1%, respectively. The price of the apartment fell the least, at 6.8%.
John Pasalis, president of Leslieville real estate brokerage firm Realosophy, has been tracking weekly property sales and prices, rather than the usual monthly or annual analysis.
The market has been declining since mid-March, but in the past few weeks, sales have been lower than they were before the 2019 outbreak, he said.
Not only house prices, but also in the Toronto area, new home sales have changed: new home sales have plunged 21%, of which sales of low-rise homes have plummeted by 50%.
‘If you’re not an investor or a property speculator and you buy a house to live for a few years, the current cooling doesn’t mean anything in the long run, ‘says Pasalis. But for people who buy a house in February, “it’s going to sting a little bit.”
If you bought a house in February and bought it for the first time, and the price fell by 15% or 20%, it’s hard to swallow it, even temporarily.
For example, a bungalow in Oshawa, Greater Toronto, was listed at a price of 1.075 million a few days ago and sold quickly at a price of 1.05 million. On the surface, it was only 25000 lower than the listed price of the seller, but the house was bought by the seller at a price of 1.18 million a month ago. after deducting brokerage fees and handover fees, the actual net loss of the seller is more than 200000.
After many rounds of the COVID-19 epidemic and the “baptism” of the new strain, countries seem to have gradually begun to get used to the life of “coexistence with COVID-19.” even if the number of infected hospitalizations increases, there is no intention of re-imposing restrictions. After all, life goes on.
However, the world did not spare humans. Bird flu broke out in North America, tens of thousands of lives were killed, and the horrific Ebola virus made a comeback.
What is even more terrifying is that an unknown hepatitis is quietly spreading around the world, nearly 200 people have been hit, the source is unknown, the course of the disease is serious, and 12 countries around the world have fallen!
Just today, bad news came from Canada-a confirmed case of serious liver disease of “unknown origin” was found in the country, and the Ministry of Health launched an emergency investigation!
“We will inform the public of the latest situation in a timely manner in the light of the progress and results of the investigation.” Although there have been confirmed cases in the territory, the Health Bureau has not released specific data at this stage.