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How much will home prices drop as interest rates rise? Depends where you live

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interest rates rise and the post-pandemic market starts to materialize.But just how low prices will go depends on what part of the country you’re living in, with a recent report from Desjardins Economic Studies suggesting cities that saw the most growth in the pandemic now have the furthest to fall.Major Canadian housing markets including Toronto and Vancouver saw less sales activity and even price drops in April and May as the Bank of Canada began raising interest rates over the past three months.

Bidding war no more — How to make an offer in Canada’s cooling housing market This “chillier wind,” as RBC economist Robert Hogue dubbed it in a report last week, is expected to continue driving home values down from their pandemic-era highs as demand softens and housing inventories are given time to rebuild.Randall Bartlett, senior director of Canadian Economics at Desjardins, tells Global News that rising interest rates are the “pin that’s bursting the housing bubble that developed during the pandemic.”The Desjardins report released this past week predicts that from the peak of national home prices in February of this year to the end of 2023, the average sale price in Canada will drop 15 per cent.Virtually all markets are expected to see some drops, but some could see value erode more rapidly.In the Maritimes, for example, prices in Nova Scotia and New Brunswick are expected to fall 20 per cent over that timeframe.

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Family of Oakland men who drowned saving child hope to send bodies to Guatemala
OAKLAND, Calif. - The family and friends of the three immigrant men who drowned while rescuing a boy from the delta in Sacramento are hoping to send their bodies back to their native Guatemala.Wendy Rivas of Oakland started a GoFundMe for her father Edwin "Guistillo" Rivas, 57, and his friends, Edwin Perez, 22, and Danilo Gutiérrez, 40. All of them lived in Oakland, working jobs in construction. Friend William Ramos told KTVU that the men and other families vacationed together near Brannan Island every Fourth of July for camping and family fun. The trio had been fishing Sunday near the Three Mile Slough Bridge in Sacramento County, when they saw an 8-year-old who was with their group struggling in the water. They and two others jumped into the river and pulled the boy to safety, officials said. The boy had been wading into the water and got pulled away, and he wasn't wearing a life jacket. 3 men drown in Sacramento river after pulling an 8-year-old child out of the water.But only two men were able to get out of the water. Rivas, Perez and Gutiérrez never surfaced. Their bodies were recovered from the delta on Tuesday evening, according to the Rio Vista Fire Department. Their friend, Juan Cabrera, told KCRA3 all of them had tried to save the boy, but the strong winds and current were too much in the Sacramento San Joaquin River Delta system."Far too many lives have been lost in our waterways and in the lakes and rivers of Northern California over the past few weeks," the Rio Vista Fire Department said.
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