Canadian RE boom finally winding down?
The reason for the collapse in transactions: the formerly all too willing buyers, mostly Chinese oligarchs who would use Vancouver real estate as their offshore Swiss bank account, have disappeared.…
The report signals buyers are still adjusting to tougher mortgage qualification rules the federal government introduced Jan. 1, and more worryingly, to the four increases in the Bank of Canada’s interest rate over the past year. Those rules were put in place after surging prices in both Toronto and the Pacific coast city led to warnings about excessive speculation....But asking prices have not fallen commensurately — yet.
Something to watch anyway.
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