Quote:
Originally Posted by Rutuu
I've heard versions of this anecdote from my friends all over.
Friend in Texas - California and New York folks are buying everything
My home - Sydney and Melbourne people are buying everything up
Calgary - Everyone moving from Toronto (even though when I was a kid growing up and the city grew from 500k to 1.2m with those people moving rapidly into Cowtown, housing prices didn't blow up 30% in a year until subprime lending/oil rises in 05-07).
New Zealand - Auckland people are buying everything
Sydney and Melbourne - Asian investors are buying everything up
London - Russian / Middle Eastern capital is making things unaffordable
In the short term, mortgage rates declined rapidly, which improves servicing, so you can spend more. There's more capital out there looking for a home, and it gets stuck in Real Estate valuations.
The printing presses are slowing and interest rates are set to climb aggressively in Canada (BoC is quite hawkish). I'm NOT calling a housing crash, but prices should dip 5-10% from the highs and you will be able to have the time get a housing inspection plus conditions for finance.
Are they building a big project in the Halifax area? What is driving sustainable demand in that area out of curiosity?
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Re:Halifax
It started off as lots of Ontario people returning home to/relocating to Nova Scotia during the pandemic as they could now work from home with their Toronto wages and Toronto equity from the homes they sold.
This kind of reset the market and turned things kind of crazy. Low interest rates and lack of inventory due to no one wanting to move during Covid created a frenzy where prices shot up and competition became fierce.
There is no big project or uptick in the economy there. Still a limited employment market.