Steve Saretsky

Bottom?

Bottom?

No.

Well, it's going to, I mean, it's going to happen eventually, like every trend, but, you know, to be objective with, if you're following any trend, if it continues that direction and the trend is not weakening,

By default, it's going to continue.

Then you fiddle in with all the other anecdotal information you have, narratives, and then hard data.

I'm not seeing a lot of information right now that would suggest this is going to turn around very quickly.

I know the housing world is a big world.

You can chop it up a lot of different ways.

But, I mean, the big risk right now we have with housing, not just in Canada but in the U.S.

as well, the topic that we touched on last week with the whole bond market conversation, we'll have a little bit more about that now today as well because we had inflation data come out.

Yield curves have been – the long end of the curve has been moving a little bit.

But if –

Financing rates continue to become higher or go higher.

That makes it less affordable.

The only way to offset that is to have aggregate more employment.

So more jobs got to be created and incomes have to grow.

But not only at the same rate for financing that mortgage rates are going up, but within line with inflation as well.

And a lot of that is stacked against it right now.

Yeah, house prices have been declining.