Happy Fathers day to all the dads out there, definitely not the easiest task but the absolutely the most rewarding.

Current inventory broke the 14k mark (14,174) we haven’t had this much inventory since August 2022, with 1121 units selling.

We are officially not in an ebb and flow market with inventory building up week after week with the threat of further interest rates lingering and the holding power of the Canadian households barely surviving the next 2 quarters will be interesting.

First article with regards to the damage of the interest only mortgages which converted automatically for Canadians with a variable mortgage.

The amortizations are through the roof with as per this article 70, 80, 90 years

THIS IS THE SCARY PART OF THIS ARTICLE!

“Tran said he thinks the Office of the Superintendent of Financial Institutions (OSFI) will make changes requiring lenders to compel mortgage holders to make payments toward the principal of their loan, not just the interest. 

“It has been about a year now, I think it could have been done earlier. But sooner or later, I think new rules will be implemented,” he said. 
“Otherwise, we may have generational mortgages where these mortgages can be passed on to their kids, if the amortization stays at elevated levels at 70, 80, or even 90 years. So something has to happen.”