Canada Spends 75% of Its Deficit To Prop Up Mortgages & Cuts Immigration, Facing Challenges in Housing Market and Wealth Gap
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Home sales in Ontario have reached their lowest levels since the Great Financial Crisis, excluding the pandemic shutdown. The MLS Home Price Index for Ontario has fallen at an accelerating pace over the past three months, with prices dropping 1.4% in October. This has led to nearly half of local centers, including the Greater Toronto Area, Hamilton, Niagara, Barrie, and Kingston, becoming buyer's markets. The weakness in the housing market is expected to continue into next year, especially in Ontario and British Columbia. Higher borrowing costs may force more sellers to market, causing prices to decline further. The average monthly mortgage payment is projected to rise significantly by 2026. The Bank of Canada's Senior Loan Officer survey shows that credit conditions in Canada have tighten...
#newstr #Canada #Deficit #Mortgages #Immigration #CreditCardDebt #Inflation #RealEstate