In this training session, our CEO Shubha Dasgupta takes us through the weekly market update. He starts the meeting with rate updates for Prime and Alt Lenders. He highlights RBC home price Projection and the overall growth that has been happening for 2022; however, leading into 2023, a slight drop-off is predicted, and with that, sales in regards to unit numbers might downturn based on the forecast.
In addition, the expectation of home resales falling 17% by early next year was also discussed. As sales drop and affordability weakens, he encourages agents to find alternative mortgage solutions to assist clients. He explains the sharp rising rates and how investors are taking advantage of this. The rise in debt in regards to credit cards and HELOC (Home Equity Line of Credit) is affecting consumers; as a result, he stresses that when talking to clients about debt, one must be compassionate and supportive while providing alternative options to clients.