Inventory of MLS.ca listings are up this week. There are 23 more SFH listings this Saturday than last Saturday. The largest increase in inventory is homes priced above $700000.
I've been tracking the number of listings of 3 bedroom SFH, 3 bedroom townhomes, and 2 bedroom condos for nearly 1 year. The number of listings of 3 bd SFH and 2 bd condos are nearly at the levels of last summer. Listings of 3 bd townhomes are more than double last year at this time.
With the rising interest rates this past month, will this affect your mortgage payments or spending habits? Do you know of family and friends that are concerned / not concerned about the rising rates?
CTV had an online poll on whether an interest rate hike was welcomed to slow inflation. 65% of respondents did not welcome the interest rate hike. I think this is indicative of the current household mortgage situation - people's lives will be affected by rising rates. As a non-mortgage holder, I certainly welcome the rising rates, as I believe that inflation is much higher than the Bank of Canada is depicting it as. Inflation affects everyone, not just homeowners.