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Danger will pre-sales is you're still buying high and who knows how high rates will go, what mortgage rules will change and what NDP foreign buyer tactics will pop up next year. Also biggest concern for me is what happens to all the people who bought pre-sales and can't qualify for a mortgage who will flood the market with assignments. This will put further downward pressure on prices.
Personally I'm sitting on the sidelines and waiting until next Spring to see where the RE market is heading. Right now a lot of people haven't received the memo and prices don't reflect the current state of the market. It'll take a few months for reality to set in.
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