Residential real estate, floats on a sea of $1.7 trillion in household property debt. And the numbers are huge. Over 33% of borrowers lately have been opting for variable-rate loans, which are shooting higher and will continue to do so. Bad move. Meanwhile 37% of all outstanding mortgages come up for renewal in the next 12-24 months, and a slew of those borrowers will see their interest charges double.
The US will be raising rates on Wednesday and Canada in June - both probably 50 basis points. I don't really listen to the real estate boards very much.