While prices may soften in the short term keep these important points in mind:
- We still need plenty of immigration to keep the economy strong and these newcomers all need a place to live
- Canada still has a housing shortage, demand for housing will continue to outpace supply since we are not building enough new housing to keep up with demand
- Inflation is at a 40 year high (which is why the Bank of Canada is increasing rates in an attempt to keep inflation in check). During inflationary periods, hard assets (like real estate) are the best store of value.
Be greedy when others are fearful and fearful when others are greedy – Warren Buffet
