Quote:
Originally Posted by Bill Bumface
I have friends looking to move to Canmore sharing a similar anecdote to those reported earlier about people from Ontario buying properties sight unseen with no conditions. We all know how this will end.
|
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?