Real Estate Prices To Fall In All Developed Nations, Canada The Most

[Economy 52,861]

https://betterdwelling.com/canadian-real-estate-prices-to-see-the-sharpest-drop-in-global-downturn-goldman/

 

Nearly every advanced economy is expected to see real estate prices fall as interest rates rise substantially at least according to the opinion of Goldman

 

In addition they expect that Canada will face the most severe declines in the Developed World because it also faced the most extreme price increases over the past 1-2 decades and especially during the pandemic 

[tylerjs 6,093]

Not in my city lol. The median price of a single family home in 2022 here was $1.2M, and that’s for something around the 1,200 square foot range with no lot space, garage, anything like that. Average rent is around $3,000 for a 1BR in a shared living area on the less desirable end. Rent for a 3BR is on average $8K/month. And there is no sign of it slowing down at all; houses get put up for sale here and they are purchased over asking price within a few hours most of the time, making it nearly impossible for locals to ever own or even rent 🥲

[Economy 52,861]

3 minutes ago, soularpower said:

Not in my city lol. The median price of a single family home in 2022 here was $1.2M, and that’s for something around the 1,200 square foot range with no lot space, garage, anything like that. Average rent is around $3,000 for a 1BR in a shared living area on the less desirable end. Rent for a 3BR is on average $8K/month. And there is no sign of it slowing down at all; houses get put up for sale here and they are purchased over asking price within a few hours most of the time, making it nearly impossible for locals to ever own or even rent 🥲

What city/country?

 

The slowdown would just be getting started. This is a prediction for what's to come not what's happened so far

[PunkTheFunk 125,703]

Will I finally be able to afford a 10 square foot tool shed with no roof in downtown Toronto?

[holy scheisse 22,940]

Does rent tend to drop when real estate prices drop?? 

[pachinko 10,755]

19 minutes ago, soularpower said:

Not in my city lol. The median price of a single family home in 2022 here was $1.2M, and that’s for something around the 1,200 square foot range with no lot space, garage, anything like that. Average rent is around $3,000 for a 1BR in a shared living area on the less desirable end. Rent for a 3BR is on average $8K/month. And there is no sign of it slowing down at all; houses get put up for sale here and they are purchased over asking price within a few hours most of the time, making it nearly impossible for locals to ever own or even rent 🥲

Why would you live in such a terrible town? 

[Guest]

aw cmon dont do this to me universe. i cant be trapped here in this shitty town 

[Economy 52,861]

1 hour ago, holy scheisse said:

Does rent tend to drop when real estate prices drop?? 

If there is a significant and long lasting drop then potentially because home prices and rents do influence eachother

 

But if it's just a short term pullback (especially if economy doesn't slow significantly and it's triggered mainly just cuz of higher interest rates) then don't expect rents to fall. At the very least their  increases may just slow down

[tylerjs 6,093]

3 hours ago, pachinko said:

Why would you live in such a terrible town? 

I described it poorly but the reality is it's a wonderful place to live. Always warm weather, beautiful neighborhoods, lush tropical foliage, beaches, super progressive & very tight knit community. My family has been here for like 120+ years and it just makes sense for me here, but gentrification has played a huge part in exorbitant housing costs over the years. On the progressive note, our Mayor is actually the first openly gay female mayor to be elected in Florida's history, and she's a woman. It's incredibly unique and unlike anywhere else in the US in the best way lol. Short version is: it's worth it, and it's always been my home.

[tylerjs 6,093]

Replied to the wrong thing  fixed it lol

[tylerjs 6,093]

3 hours ago, Economy said:

What city/country?

 

The slowdown would just be getting started. This is a prediction for what's to come not what's happened so far

Key West, FL USA

Yeah true, but the housing costs here have been increasing steadily as long as I've lived here, and even then they had been high for a long time. It's like a mini NYC situation: no land available, it's all super old so lots/units are tiny, all historic buildings so reconstruction is limited and the original aesthetics have to be strictly adhered to, and the whole island is basically downtown and "prime" location. A lot of analysts have talked to locals about it and they don't predict it slowing down in any way in the foreseeable future which is heartbreaking for people who have lived here so long. But we shall see

[LateToCult 41,861]

Vancouver, B.C. homes going from $3.8M to $3.75M 

[phantasmas 12,375]

would love it if corporations would stop buying up all the family homes 

not that i could afford one anyway but still 

[Butters Stotch 5,379]

Why did I read Real State Princess? I was like "hmmm who is she?"

[Economy 52,861]

21 hours ago, phantasmas said:

would love it if corporations would stop buying up all the family homes 

not that i could afford one anyway but still 

That's just 1 of many factors causing housing costs to go up all around the world