Just saw a Canadian news clip reporting that property in the Greater Toronto Area just dropped some $57K last month. While that's not a trend, the market is worried about the coming interest rate rise, and their doubling of foreign buyers tax, empty property tax etc. is starting to possibly having an impact on that resource-rich economy like ours.
Some 2% of the Canadian GDP has been the transaction costs in property. Lawyers, agents, stamp duty. The property construction is around 25 to 30% I think.
When the property market crash in Australia, it's gonna be the worst we've ever seen in some 30 years. And it's gonna hurt everyone... so bad even the grandkids will feel it.
So let's hope that our great leaders and politicians managed to somehow bring this to a soft landing and not crush everyone with their recent policies.
