Why is the market so crazy?

[Nicole Assali]

Hey everyone I hope you’re all doing well and staying safe, I had a question I’m on my current real estate environment and I wanted to see if anyone has been through these motions and if anyone had advice for me, I am currently in Canada and in my area the market is very hot, we’re talking multiple offers and multiple bids over asking price or a common thing, it wasn’t always like this just may be three years ago it was more of a buyers market and you could actually negotiate the price of properties.

This situation quickly changed and it has become harder and harder to add doors to our park, it’s very tempting to go with the flow but something inside me makes me step on the brakes as the way the prices have gone up is very abnormal and with the pandemic no one knows if it’s going to take another dip in a year or two or keep going up

What is your advice? Wait it out or keep going ?

Also seeing a lot of people flipping rental properties lately, you see a property for sale for 400k, it gets sold (triplex) and they redo the windows and a few floors and re-list it 4-5 months later for 100k more.... not doing this with single

Family homes but with multi family, I’m wondering what is their biggest risk here ? I mean worst case it doesn’t sell and they keep renting it right ?

But this sort of activity promotes the inflation of prices and it sucks to pay top dollar now when u could buy stuff for literally 30% less 12 months ago...

What do you think ?

Wait it out and play it safe or keep going as it will keep going up ?

Thank you all for your input !