Quote:
Originally Posted by Forager
It'll be interesting to see where this goes. I speculate that we'll see more softening of prices, at least through the slower winter months. Meanwhile, there are still record number of people moving to the region who need homes. Ceteris paribus, I suspect that once we start to see rates relax, we'll see rapid price gains again.
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Current 3M CDOR is pricing in a 25 point drop for the December announcement and a 100 point drop between now and the December 2024 announcement.
If that holds true, then I can't imagine prices staying soft for too much longer.
On the other hand, anecdotally I have heard from more that one person that they or their neighbours cannot afford their current mortgage and are going to have to sell soon. Housing has sticky prices because people don't like moving or selling their house, but if they're forced to that changes the calculus a bit.