I did a few showings over the weekend and sold a condo as well. The condo sold more than a hundred thousand over the asking price.  And you know what - we actually had priced it okay.  It wasn't priced ridiculously low.  The last sales in the complex were $825-$850K and those only sold 2 weeks ago.  We listed at $799K and it sold for way over the asking price - $925K actually.

I did some showings in the Kitchener, Waterloo & Woodstock areas. I noticed there were a few "cracks" starting to form:  offer dates have come and offer dates have gone.  Either they haven't gotten the offers that they wanted, the dollar amount that they wanted -or- offers didn't come in, period.  It's my thinking that they didn't get the dollar amount that they wanted, so they'er extending the offer time a bit longer. That's something new - I haven't seen that happen in years.

So as far as buying and selling right now, if I was an investor I would be staying on the sidelines, to be honest, because they say 10% increase in 2022, but we're almost there already, so what's going to happen for the rest of the year?  Are we going to possibly go up more, then start to slowly come down? In March, when the rates go up, are we going to see a half a point or a quarter point?  Who knows?  We're definitely going to see something this time. If we see something, everyone is going to be saying "oh my, the sky is falling" and prices will start to drop, like they did in 2017.

I was reading a thread on Facebook recently that was saying, "my kids are never going to be able to buy a home when pricing is so expensive."  Back in the 80's, I was in my 20's and my parents bought a house (they bought it in 1986) and in 1989, they were offered double what they paid for it.  They turned it down because like a lot of people, they had no reason to move. But a couple of years after that, they did have a reason to move.  So, they ended up selling it 10 years after they bought it for nearly the same price as they originally paid for it. The market had gone up and come right back down again.  So in 1988-1990 when everything peaked, if Facebook had been around, everyone would have been saying, "oh no, my kids are never going to be able to buy a house."  Well, there you go - everybody bought a house.  So, no matter what, things go up but they come back down, and then they're going to go up again.

Investment-wise, if I had a portfolio of properties to sell and my tenants were out, etc, I would seriously be considering dumping as many properties as I could right now.  As far as buying for a principle residence, like I always say - have a long term plan or long term goal in mind.  Dont' think of it as your paycheque or your bank.  Think of it as a place to grow, a place to raise your family - that sort of thing.  Whatever happens on the sidelines, that's a bonus.  

So my advice for today?  Just keep soldiering on.  In 2 or 3 weeks, it's going to be interesting!