Quote:
Originally Posted by MarkyMark
It feels like a weird time to buy, foreigners obviously won't like the tax, possibly finding out another way to buy, and locals have it in their mind that prices might go down due to the tax so perhaps they are holding off. I think by Christmas time we should have a clear idea on what's really happening with the market.
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My prediction is that housing will still be unaffordable and here's how I see it.
We bought our place 3 years ago for 1mil. At its peak, we could of easily gotten 2mil, possibly 2.5mil with the prices of houses selling around us. We'll just say it's worth 2mil now. If prices were to drop a drastic 25%, would you able to 1.5mil? If the answer is no, good luck with your house hunting. Even a 50% drop, it would be back at 1mil. Could and WOULD you want to pull such a massive mortgage and have $250k for a down?