Economists are warning of terrible consequences if nothing is done about the scorching hot housing market. Locally places like Tillsonburg and Woodstock have had house prices rise 30% in one year.
WOODSTOCK - Policy makers in Canada are being asked to do something about the insanely high housing market right now.
A report in the Globe and Mail points to a recent warning from Bank of Montreal Economists. The BMO economic team says action needs to be taken immediately and that housing prices will not continue to rise, as many people in the market believe.
During the pandemic, home prices in small towns and cities that have never had major fluctuations have skyrocketed. Locally housing prices have gone up 30% in Woodstock and Tillsonburg. Meanwhile some places in the GTA have seen housing prices rise by $100,000 over three months.
The report in the Globe states that if nothing is done, homeowners could be unable to make mortgage payments when interest rates rise. This could lead to people losing their homes, severe loan losses for banks, which could cause major problems in the system and even a taxpayer bailout.
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