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RIP to anyone who bought a pre-sale looking to flip. Sqft pricess are plummeting, appraisals are coming in much lower, and it’s nearly impossible to find buyers for pre-sale units. Add in the lack of Airbnb demand and stabilising rents, and so called "investors" are left with a $1m shoebox that will continue to drop in value. And good luck to developers trying to sell units in the current market because they relied too heavily on Chinese buyers and mom and pop investors who were drunk on cheap money and maxing out their HELOCs to buy tiny, overpriced units.
And I love how JT decides to give Canadians a GST holiday and mess up the BoC's rate cut cycle. This guy can’t do anything right.
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