Average mortgage may only be 188k kincella, but we don't need everyone to put their houses up for sale to crash the market. We only need another 50,000 to 100,000 homes, a tiny percentage of all homes, approx 1%, to flood the market to do some major damage. this would increase stock on market by approx 30%.
Plenty more than 1% of homes in mortgage stress, owing a lot more than 188k. It's a fragile illiquid market that is sentiment driven, the biggest driver being tci's fav, the chats around the BBQ on the weekend..
