Quote:
Originally Posted by keenan87
With a bubble, prices for homes will increase. Does this mean it will trickle over to a better condo market once people can no longer afford to purchase houses? (I wonder if people will be priced out and instead will need to look at condos again).
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I think it will likely be a full economic recovery before we see Condo prices rise. I think this current bubble is due to a general lack of inventory which is making it a bit of a sellers market. I think a lot of motivation for people as well is getting more space and getting a backyard. Interest rates are very low and while some people took it on the chin with Covid, others were able to keep working and saving money since they were unable to do anything last year and all of a sudden have a down payment ready to go
I think the condo market will come back when the pandemic is a thing of the past.