Housing Market Cools

Homeowners may be feeling a period of pain as banks tighten development lending, but a financial advisor says this should pave the path for more sustainable, realistic housing market in the long run.

Andy Milne from Christian Savings explains that when adjusted for inflation, house prices have actually dropped by nearly 27-28%, which means some homeowners who bought at the 2021 peak may owe more than their homes are worth. He discusses the economic ripple effect on construction-related businesses and weaker consumer confidence.

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