Quote:
Originally Posted by Harvey Specter
JP Morgan suggested that BoC will do 5 rate increase before the year ends. Danger is rates jump beyond what they were pre-COVID and values start coming down. A lot of people could be holding the bag but good news for anyone sitting on the sidelines with cash because they'll be plenty of deals.
|
Been hearing about the "people on the sidelines with cash" for 20 years. Reality is, when prices start softening, people seem to think they'll go down forever and keep waiting for the right time. Before you know it, market turns back around
Quote:
Originally Posted by SumAznGuy
Funny you mention that.
We bought a pre-sale TH in 2016 and took possession in 2018. We sold our condo just before the market went dead.
It took almost 3 years but now the value of that unit is back to where it was when we sold.
As for the TH, yeah we paid a premium for it in 2016 and on paper lost money in 2018/2019 but when we sold in 2021, it sold for more than the 2016 price.
In the 5 months since we sold, that place has gone up another $100K but our new place has gone up $300K on paper.
Still house poor though. No fancy P cars in my stable.
|
Yeah it's crazy. A lot of assessments jumping up this year but a lot of people that bought condos in 2018-2019 wouldn't make a profit selling today. I was reading old posts in this thread from 2019 and it's crazy how different the general mood was. Was common to see people losing $500k-$1m on houses they bought in 2016 when they sold in 2019.
But with inflation and other pandemic factors, who knows what can happen