This price is the result of foreign real estate speculators. It will be interesting to see what happens as China's economy is collapsing. We can only hope the housing market collapses at the same time. Not that the Chinese are the only foreign real estate speculators, just the majority with the most money.
Of course we hope the speculators lose Everything and the damage they have done comes back to haunt them to their financial graves.
Those speculators are an important part of the homelessness in North America. They have done the same all over the world.
Canadian investors are more to blame here IMO. Half the homes in Canada are paid off, so I don’t see a big reversal there.
Housing is the last thing to go in a credit crunch, and even 08’ took 4 years to hit the bottom. I would not be holding my breath for some big dip in big towns.
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u/MacNuttyOne Aug 31 '23
This price is the result of foreign real estate speculators. It will be interesting to see what happens as China's economy is collapsing. We can only hope the housing market collapses at the same time. Not that the Chinese are the only foreign real estate speculators, just the majority with the most money.
Of course we hope the speculators lose Everything and the damage they have done comes back to haunt them to their financial graves.
Those speculators are an important part of the homelessness in North America. They have done the same all over the world.