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Originally Posted by Calgary14
I'd be curious to know people's desire to sell. Sure there will always be people moving due to family, personal situations, job moves etc but how many people are now just seeing dollar signs and rushing to list, only to find out they now have to buy in the same crazy market. FOMO I guess. Not saying you guys have FOMO but how many people listing now are thinking they'll get ahead selling but then have to overpay on whatever they buy in the same market
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Not be facetious, but maybe it's driven by the boomers? The reason being, so many of them are empty nesters and perhaps after the pandemic, they realized they don't need a full house any more. These individuals are good candidates for the cheaper townhouses and condos.
The other position of supply sadly might literally be deaths. If there was indeed an increase in deaths in typically healthy individuals in any other year due to the pandemic and their surviving family does not need as big of a house, those homes might be the ones on the market as well.
Additionally, many young families realized they cannot survive in a smaller unit if WFH and kids, so are rushing out to acquire bigger properties based on a combination of frustration with their current set up/situations, FOMO etc.?
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Originally Posted by Gundo
We signed to purchase and build a new home back in October of last year when some of the commodity pricing settled down and without fear of an any escalation clauses. Our original possession was January 2023 but we made ourselves available to our builder for any short notice and cancellation appointments and were fortunate enough to have our possession bumped up to mid-October of this year. It just so happened the sale market went absolutely batcrap crazy and we opted to capitalize before it cooled down.
With a July possession date of our existing home we planned on going to Europe to see family for 6 weeks in the summer and then move into my parents for 60-90 days before our new home is ready. I am thankful it all kind of just worked out.
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I know of a few people (pre-pandemic) who sold their place, putt their stuff in storage for a few months, traveled for a few months then lived in a furnished rental (ie: Executive Suites) till they could move into their new place. If the timing kinda gets a little odd, I guess you could still sell and use this type of temporary rental idea as a back up plan so that you can sell without concerns?
On a side note... if you are selling your properties (or sold in 2021), make sure to compile your ACB and sales documentation and other relevant documentation for tax purposes. It's so much easier to compile that at the same time rather than panic chase dozens of individual documents a few weeks before the filing deadline.
And if calculating the ACB figure out what is allowed in the ACB before wasting hours of your time on calculating a completely incorrect amount.