It appears as though the tables are turning in the media with respect to real estate and mortgage news.
Last week the media was emphasizing a strong market and price increases, this week the news is all doom and gloom. Given that the media pays such a major role in our sensitive real estate market, it is no surprise that they are reporting the news that will create a better story a couple of months down the road.
Shifts in reporting almost always mean a shift in the market, the question becomes, which direction will it go?
The Vancouver Sun reported
Canada’s hot housing market now cooling off
‘Clear signs that some self-correcting mechanisms are starting to take over, says noted economist’
The once red-hot housing market — which several observers warned last month was in danger of turning into a bubble — is showing signs of losing steam as new listings climb and affordability begins to tighten, data released Monday indicate.
The Globe and Mail took a slightly different aproach and reported
Homeownership gets more costly
the anticipated and gradual rise in interest rates indicates that affordability is likely to gradually get worse as rates return to normal levels,” said Robert Hogue, RBC’s senior economist.
Time to start watching things a little bit closer again.
