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August 11, 2022 | The Saretsky Report – August 2022

Steve Saretsky

Steve Saretsky is a Vancouver residential Realtor and author behind one of Vancouver’s most popular real estate blogs, Vancity Condo Guide. Steve is widely considered a thought leader in the industry with regular appearances on BNN, CBC, CKNW, CTV and as a contributor to BC Business Magazine. Steve provides advisory services to banks, hedge funds, developers, and various types of investors.

Continuing on the theme from last month, housing activity continues to slow as expected when the Bank of Canada raised interest rates by 100bps last month and instantly reduced borrowers purchasing power. Remember, over 50% of new mortgage applicants this year have been going with variable rate mortgages, in large part to dodge the pain of a higher mortgage stress test that accompanies fixed rate mortgages. The pain is not over yet, as we should see another rate hike from the Bank of Canada on September 07.

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August 11th, 2022

Posted In: The Saretsky Report

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