Despite rising interest rates and a slowing economy, Canada's residential real estate market remains resilient with a low mortgage default rate. However, in Metro Vancouver, deep price discounts are exposing a rising risk of defaults. The discounts on properties in the final stage of delinquency have increased from 5-15% to 20-34%. This change coincides with higher interest rates affecting housing sales since mid-October. Additionally, slowing condo sales and rising construction costs have stalled several new residential projects in Vancouver.
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