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“The nations housing market is currently starved of inventory, which is ultimately the largest driver behind the sudden resurgence of multiple offers popping up across the country.”

These are outliers. The fact is the continuing decline in prices signifies a significant excess of supply over demand over a sustained period. To assume this will suddenly revert in the absence of a u-turn by the bank on interest rates (as your remark suggests) is absurd.

There may be pent-up demand for real estate, but this doesn’t translate to actual demand if buyers can’t afford the 2022 peak prices that many sellers are demanding. Hence the low demand for a very low pool of listings.

As for immigration, there aren’t a lot of new arrivals buying high priced properties. They will drive the rental market, not the real estate sales market.

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Immigration is a cheap way to boost the economy. Instead of new initiatives to support current residents he gooses it by bringing in immigrants without jobs and houses.

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Ah the unintended consequences! So typical of government 'leadership' at all levels to congratulate themselves on the positives of immigration. (And I largely agree; I have been a supporter of the general policy throughout my life). If you point out there are downstream effects, some of the same people will glibly state things like "oh of course, and we're working on it. And don't forget the benefits to the Canadian economy." Ya but...

Opening the nation's door to big numbers inevitably causes big problems, somewhere somehow. Everyone has heard this one: 'Build it and they will come.' Well, they're here now and we haven't built it yet. Our cities and largest communities obviously get the most impact. Urban growth has always been a challenge; now it's even greater with tighter budgets, increasing debt, money supply / inflation, resource limitations (water, sewage treatment, power), and need I say 'over-the-top expectations.' I have my extensive list; no doubt you have too.

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