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BoC is always behind in terms of rate hikes and slashes. Don't expect rates to come down until we are well into the start of a recession. Do expect BoC to over compensate both ways so we see a high peak that we don't need and then a low trough after.
And what Tapioca said. There's more ppl that can afford and want a house than there are supplies. Even if you half that amount as some of those 6 fig earners are in a stable relationship and tick some more off due to them not wanting a house, there's still easily 35k couple vs only 14k in sales a year.
If you own a sliver of land in GVRD in Langley and west wards, you are probably safe.
Condos are less safe.
I found the documents for our mortgage. We started at 1.1% and now at 3.35%. Trigger rate is 3.86%, we have another 0.5 hike until we get margin called.
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