Thread: It's a puzzle

Originally Posted by BobH

It's a puzzle that after over 3 months of lock down Canadian house sales on opening up the economy are in many places strong with some buyers bidding more than the asking price. You'd think that after all those months of income loss the opposite would be the case.

Bob

I assume it’s based on a low supply of houses.

I was researching the apartment market this week. The apartment turnover rate is very low these past few months. People aren’t moving. Maybe it’s similar for houses.

There is a lot of uncertainty in the economy. For example, is this a good time to buy/sell a home? Well, it depends on where the economy is headed. Where is the economy headed? Well, it depends on where the pandemic is headed, where the riots are headed, and whose going to be president. Etc.

I’ve definitely been having the feeling that we are in the precipice of something as opposed to the downhill slope. The economy in my neck of the woods is going crazy on the building side of things. Lots of people being home for extended periods of time are starting to realize how much disrepair is around their homes, or that they are not set up to be spending extended periods of time at home. Unfortunately our company isn’t set up for small jobs and we’re currently missing huge opportunities because of it.

Our housing economy is still strong, which given the area isn’t surprising, though I feel with all the current orders for no evictions is going to ruin the rental market and we will see tons of rentals on the market as people continue not to pay rents, which will bleed into the housing market. But as those prices attract more buyers the values will increase. Hoping to work my ass off right now and capitalize on the down turn, when it happens.