’ old place, had to chop the asking price by $400,000 after just two weeks. The premier presumably has access to some moderately knowledgeable bankers and realized that if he didn’t slash now, he could have to slash a lot more later.
A lot of people have trouble accepting that fact. The guy near me who is asking close to double what he paid three years ago may be reluctant to accept that he missed the boat. A lot of people made a lot of money by flipping places during the price rise, often having done little more than sit on their purchase for a year or so.Article content
It worked so well for so long, people came to accept it as the norm. House flippers thought they’d actually earned something, when they often just shuffled money around and waited. Now they don’t want to admit the fun is over, and figure if they just sit tight long enough, the market will turn foolish again and they can still get their big cash-out.is that buyers now expect sellers to make the concessions.
A lot of people are likely to get hurt as the market re-organizes itself: with houses that aren’t worth what they cost, with mortgages they can’t really afford, with homes they bought on the assumption they’d have no trouble selling their existing house at a big profit. The real estate business is a great game when it’s working in your favour, but it’s still a business and not a cash-printing machine. People keep making the mistake of thinking it’s guaranteed money. It’s not. Over time, property generally grows in value. But abuse it and it’s easy to get burned.
Until the new buyers purchase a home for less money and start wishing for days of price appreciation to return so they can build some wealth for themselves.
Its the liberal way of controlling house prices. Destroy the economy until increasing interest rates is the only solution. Higher interest rates...housing demand decreases.
It'll be back with a vengeance. Until our skilled labor basically triples and or people stop coming into the country to start a new life. And we know that's not going to happen soon.
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