I agree. The slowing down will be a long grind. The interest rate discussion has already impacted the house buying decisions for folks here in Toronto. There will be a pocket in markets like Toronto where the rate will dampen the spirit but won't change much. Apart from rate, there is an issue of high demand. High demand and low inventory were the two variable that kept the real estate market booming for the last two years. Going forward, the demand will stay high unless there is an immediate policy bomb the government explodes.
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Certainly real estate is local and that can never be overlooked. Not everything is going to experience the same market moves.
In the US, I predict the Northeast is screwed starting in the next couple years. This is because the Boomers are going to be moving out and they do not capture the younger people.
Warmer states, since Boomers do not want to shovel snow, are going to see an influx.
So that will add some stability to those areas.
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Agree. There will be pockets of cities and neighbourhoods that will go anti-current.
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