Last week, we talked about how to survive the current tenant’s market.
The major cause in the sharp drop in demand is obviously the drastic downturn in immigration.
Last year 2019, we had around 340,000 immigrants.
Earlier this year, the government announced an aggressive 3 year immigration plan.
We planned to welcome another 341,000 immigrants in 2020.
Then 351,000 in 2021.
And 361,000 in 2022.
That’s over 1 million immigrants in 3 years.
Well, of course, nothing goes as planned in 2020.
We’ve only had around 130,000 immigrants so far this year, that’s only 38% of the originally planned number.
You see, a killer drop in immigration, international students and travellers, plus a record high number of new condo completions this year, drag us to a struggling rental market.
In the meantime, we can only survive the current rental market with the “Love me, hate me, there’s no money in the middle” strategy.
If you don’t know what this strategy is, make sure you watch last week’s video at the link below.
The good news is…
A few days ago, the government just announced a vaccine for our rental market.