Buying Real Estate in 2022 Turns into 'Nightmare': London Couple

#londonontariorealestate #canadianrealestate #bankofcanada

A London couple who purchased their home in March of 2022 is calling the process a ‘nightmare’ after their payments increased by $1,600 since their initial purchase.

Links:

They bought their home in March 2022. Why this Ontario couple calls the purchase a nightmare:

https://www.cbc.ca/news/canada/london/they-bought-their-home-in-march-2022-why-this-ontario-couple-calls-the-purchase-a-nightmare-1.6750229?fbclid=IwAR01wlOG4lO4O-SNkic_x1Mtav9tgh595HHdHjiwnTTVE-6RzPR_x1OoRcg

London-area home prices down 25% in a year – but few buyers enticed:

https://lfpress.com/news/local-news/london-area-home-prices-down-25-in-a-year-but-few-buyers-enticed

Consumer price index portal:

https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Home prices in London, Ont. and rest of Canada expected to stay high despite interest rates rising:

https://globalnews.ca/news/8784773/home-prices-london-canada-stay-high-interest-rates-rising/

London and St. Thomas Residential Market Activity and MLS® Home Price Index Report March 2022:

https://www.lstar.ca/sites/default/files/statistics/LSTAR-March-2022-Residential-Market-Activity-Report.PDF

London and St. Thomas Residential Market Activity and MLS® Home Price Index Report June 2022:

https://www.lstar.ca/sites/default/files/pdfs/Monthly%20MLS%C2%AE%20Statistics/June%202022/LSTAR-Residential-Market-Activity-Report-for-June-2022.PDF

Canada's inflation rate now at 30-year high of 5.7%:

https://www.cbc.ca/news/business/canada-inflation-february-1.6386536

Half of variable mortgage holders with fixed payments have hit trigger rate: BoC:

https://globalnews.ca/news/9297311/trigger-rate-mortgages-bank-of-canada/

Up to 80% of variable-rate borrowers have hit their trigger rate: National Bank:

https://www.canadianmortgagetrends.com/2023/02/up-to-80-of-variable-rate-borrowers-have-hit-their-trigger-rate-national-bank/

Markets raise bets on BoC rate hike this summer, cuts in 2024:

https://ca.finance.yahoo.com/news/markets-raise-bets-boc-rate-hike-this-summer-cuts-in-2024-154015811.html

Will the latest interest rate hike cool off Canada's housing market? Experts aren't so sure:

https://www.cbc.ca/news/canada/toronto/bank-of-canada-housing-market-interest-rate-hike-1.6420232

Bank of Canada likely to raise rates again Wednesday — but should it?:

https://www.cbc.ca/news/business/bank-of-canada-interest-rate-hike-1.6721074

As central bankers talk tough on inflation, markets prepare for rate cuts:

https://www.theglobeandmail.com/business/article-markets-central-bank-interest-rates/

Canada's overheated economy is still putting upward pressure on prices, says Tiff Macklem:

https://www.cbc.ca/news/business/bank-of-canada-tiff-macklem-testimony-1.6750502

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