South Surrey/White Rock Real Estate. Predictions of slowing housing market and rising mortgage rates came out in a recent report from: CHMC – Canada Mortgage and Housing Corporation.
High levels of household debt is the concern. As house prices increase, home owners are buying on their equity, however there is no evidence of incomes increasing.
In the event of unemployment, many home owners, have little savings fall back on. Therefore, they may need to sell their home, which would put more homes on the market and down ward pressure on real estate prices.