The real estate market has been in a state of flux for some time now. With sellers being increasingly greedy, bidding wars becoming more frequent, and prices going up, it can be difficult to make sense of the current climate. This blog post will explore the various aspects of the real estate market in order to better understand what is happening and why.
First off, when a seller faces a failed bidding attempt they generally become more flexible on terms when they re-list their property at an increased price. This means that buyers have the opportunity to potentially get a better deal if they wait until after an unsuccessful bid attempt before making their own offer. Secondly, not everyone is looking for a 40 year old suburban home to work from - cities are still attractive due to many other factors such as culture and entertainment options.
However, despite recent drops in condo prices across many major cities including Toronto - where 1+1 apartments have gone down from 850k+ at peak to around 650k - overall prices are still up by 30-40% since 2015 or so which can make them still quite expensive. It’s also important to note that market crashes are not uncommon and that it is possible for us to see a 50-60% reduction from peak values if certain conditions are met - such as high unemployment rates or continued low interest rates leading people away from buying properties or investing elsewhere instead.
When it comes down to actually purchasing property though one should never forget about the role of money itself - with inflation increasing every day its value decreases significantly which can lead people into taking out bigger loans than they might be able handle in future years when interest rates increase again (which we could very well see soon). Therefore caution should always be taken before making any big decisions regarding real estate investments especially given how volatile things can be these days! Finally its important remember that different people have different needs and timelines so there is no one size fits all solution here either: some may find success investing in equities while others prefer safer routes such as GICs or savings accounts; ultimately its up each individual investor themselves!
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Author Eliza Ng