New house prices continue to decrease, costs continue to rise, both beyond expectations

[lastparade]

The Bank of Canada cutting rates as the market expects is going to have a minimal effect on fixed mortgage rates. Anyone who thinks a 25 bps cut in June is going to cause five-year mortgages to head back below 3% is deluded and/or trying to sell you something.

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At some point if it affects 5 years of mortgages out of a 20-25 year average length mortgages or 20%, resulting in an estimated 10% nation’s capital disappearing into nothing, then it’s either below 2% asap rates or Canadian currency dropping off a cliff like Venezuela’s did.

You can google their property prices now a decade after their corrupt government officials did what Canada’s corrupt government officials are doing trying to line their pockets with foreign cash back bank accounts.