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this post was submitted on 31 Jul 2023
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It's sad, but it was obvious that interest rates were going to rise. I refinanced in 2020 with the longest fixed-rate available (and paid a penalty to do so) and dropped my amortization length by 10 years when it became painfully clear we were going to see high inflation from government policies overlapping over each other and there was a chance of the return of high interest rates as a result.
A lot of people will get burned on the way down, but it's good for society if housing is cheaper.
I just don't see a way that prices can drop without a massive increase in supply. Even if the average joe stops buying they will have to rent somewhere. There will always be investment interest or property moguls who have the money keen to buy a source of guaranteed rental income.
I agree that we definitely need more supply, but there are a few things that could happen as prices increase, eg people downsizing from large places to smaller places, and people sharing accommodation.
Also, hopefully some people will sell their Air BnBs, increasing the property on the market, they'll probably become Air BnBs again, but maybe it will help with prices.
Again, more supply is needed, and rich investors will probably have a field day, but even if prices don't drop, they should at least stop sky-rocketing.