Bubble about to burst?

On the third Wednesday of each month, we have the screening meeting for prospective buyers. Last night we had 15 people but only two of them are buying units; the rest are leases or roommates. We’ve also seen more leases & roommates than purchases the last few months. This doesn’t look good. We’d like to keep the number of rentals low and have more owners living here.

Perhaps this means people can no longer afford to buy. Prices are still going up – 3/2 units list for over $240,000 and 2/1 or 2/2s list for over $190,000. I don’t know how long this can continue if people can’t afford or won’t pay those prices. I’m not sure if this is unique to our condo or reflects the area in general.

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