"
If every single borrower in the land must now pass the same income test, and available credit overall will contract as a result (which is the goal), then for the same house to sell to the same universe of buyers, it must become 20% cheaper. Duh. So either the market freezes up with sellers refusing to discount even if they cannot find a buyer, or valuations drop. And it will not be the former. At least for long.
"
Reference:
http://www.greaterfool.ca/2017/10/26/the-cull/
—
Sayed Ahmed
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Post Data:2017-10-26 18:23:01
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