I was about to respond to a counter offer i had made when all this went a little nuts. I backed out. I am a brand new investor and I worry that with people out of work and inability to kick out tenants i would be stuck keeping it afloat alone. I also assume the banks would be granting existing owners options to defer mortgages but unlikely the same would apply to people with new mortgages. I am form Montreal and there have been reports in a possible 20% drop in prices in my area. I am not counting on that but i do feel it would be best to wait out the 6 month mortgage deferral period as that will be when people will begin either selling or losing their homes if they are still in a bad situation. We were in a major sellers market with properties selling within the first days well over asking. I think this will shift. Also with the high possibility of a 2nd wave in the fall disrupting the economy again, i think we will see further drops. Im giving it till at least Oct or Nov to see where things stand and will take it from there.
