For a market to sustain high property prices, it requires a solid foundation of employment opportunities and industries. Most of the areas lack a significant number of high-paying jobs. During the pandemic, people were swept up in the hype and purchased homes at inflated prices. Now, the property prices are gradually adjusting to reflect the actual economic conditions of the area. And now add higher interest rates, increased supply, recent policy changes such as cracking down diploma mills and reducing the number of international students, banning Airbnb, and increasing capital gains tax, war in Ukraine and Middle East on top of the pandemic era inflated home prices. 😂😂😂
