Now that the market appears to be hopping, it seems like the natural reaction is to wonder how it is that the sky never actually fell.
Robust immigration, insufficient housing supply, and complete and total government ineptitude is a powerful trifecta that will keep prices high and the market virtually impenetrable.We have shockingly low levels of mortgage delinquencies while boasting the highest level of household indebtedness among G7 nations.
As rates shot up, many borrowers carrying variable rate mortgages with fixed payments probably felt lucky. They were perfectly positioned to ride out the turbulence with their household budgets in check while poised to reap the benefits when rates came back down again. Few engaging in that sort of calculus likely expected rates to go that high that quickly, and certainly few expected them to stay there for any prolonged period of time.
Now it turns out that a sizable portion — reportedly between 25 and 30% — of Canada’s big banks’ mortgages are sitting with terms extending past 30 years.Article contentExtend and pretend, oh my..In considering what makes a market crash, it’s when people can no longer carry their properties and are forced to sell. Without that resulting surge of inventory, prices may wobble but they will also likely hold.
And with somewhere between a quarter and a third of borrowers caught up in this, that shock could be sizable.Article content
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