bravo festival condos review.The future trend of house prices in Canada. Bankers explain that this is due to the perceived credit risk, illiquidity and volatility and static competition in the financing market.Please Visit: bravo festival condos review to Get Your VVIP Registration Today!
If the economy goes up, according to RBC’s upside forecast, house prices will soar and will not be affected by the rise in interest rates.
The benchmark average price of housing is expected to rise 10.9% in April 2023 compared with the same period last year. Over the next four years, the average compound annual growth rate was 9.5%, and house prices rose by 61.7% in five years.
For example, based on the current benchmark average price of housing, the benchmark average price of a home fell to 978600 (+ $96200) by April 2023. By April 2027, the price of the house had fallen to 1.4069 million (+ $524469). At that time, house prices across Canada will be roughly equivalent to the current prices in Vancouver.
No matter what happens in the future, RBC’s recent economic reports have always spoken bluntly about the impact of rising house prices on the economy, and now put considerable weight on downside risks in economic forecasts.
High housing prices should indeed be adjusted, but at present we should pay more attention to the economic situation behind high housing prices to avoid the financial crisis.
In addition, McDonald added that epidemic benefits also provide a way for people who may face bankruptcy to postpone their mortgage payments.
“the acceptance rate of the mortgage extension program is quite high,” McDonald said.
With the pandemic blockade and the closure of many services and retail stores, people have nowhere to spend and their money may be reused to repay their debts.
But in 2022, with record-breaking inflation and rising cost of living due to rising prices for daily necessities such as supermarkets and gasoline, more and more people are spending their income on daily expenses, which means they have less money on hand to pay their existing debts.
Rising interest rates have led to a snowball in debt, with the Bank of Canada raising interest rates by another 75 basis points in the autumn, according to forecasts from institutions such as RBC Royal Bank.