The systemic problem is that investors are buying up residential property inventory, because there is a massive amount of near 0% cash available to a thin slice of the population.
So even though there are as many people as there were roughly a year ago, there are far fewer homes. Hence purchase prices are rocketing up and rental prices are drifting down.
There is no strong political will to solve this problem, because there are almost the same number of non-homeowner voters as there are homeowner voters. It’s painful for one side because they (we) are being priced out of the property market, and great for the other side who is making a fortune.
Only of interest rates jumped up, or legislation was made to financially penalize capital gains on second and third homes or on residential property funds will home prices return to normal.
So even though there are as many people as there were roughly a year ago, there are far fewer homes. Hence purchase prices are rocketing up and rental prices are drifting down.
There is no strong political will to solve this problem, because there are almost the same number of non-homeowner voters as there are homeowner voters. It’s painful for one side because they (we) are being priced out of the property market, and great for the other side who is making a fortune.
Only of interest rates jumped up, or legislation was made to financially penalize capital gains on second and third homes or on residential property funds will home prices return to normal.