Softening house market?

maybe a decade or so ago it was all about the land today it costs a pretty penny for both bricks and mortar and labour to slap them together these days

none of the things you mention have hit hoarders in their pockets, now we have a potential cost of living crises, interest rate increases and hopefully vacant property taxes. The people knowingly sitting on empty assets need to be forced to view them in a different way and change their emotional attachments and anticipation of future price increases. If they’re so lucky they can sit on a non performing asset when society needs it, they need to pay for it so the tax can help fix what they’ve created.

“European Central Bank (ECB) President Christine Lagarde has given the clearest indication yet that interest rate rises are imminent and will be substantial.”

https://m.independent.ie/business/interest-rates-likely-to-rise-half-a-percent-by-as-early-as-september-ecb-president-christine-lagarde-41679044.html?utm_source=facebook&utm_medium=social&utm_campaign=seeding&fbclid=IwAR1HMKB_ErDa3EGzJdJWM4nvLsHdiE9r2bH4M9ikdEXAVMB0TZKAIE9cgx8

Hoarding land is what Irish people do best. I guarantee there are many people who would prefer to see a property knocked down that be forced to sell land due to a punitive tax.

We have the most favorable selling conditions in 15 years so I would also guarantee that an individual or group who can afford to sit on vacant property would be more than willing to pay any punitive fines than sell.

As another poster pointed out, we have been through Brexit, COVID and Ukraine over the past half-decade. Nothing has rocked the property boat.

Unless we see mass emigration or job losses (which didn't happen with COVID) property likely will not collapse. Too much demand, not enough supply.

yes, like everything else a cop out will happen once the headlines have passed

they are actively avoiding fixing this issue in the obvious way, building social housing, so unless they get switched out for someone else, it will never be solved

people keep paying more because prices keep going up?

very astute of you

so the people selling the only house in the area with 7 bidders will be taking a cut

Your mate is going for a holiday and expects to start another job within a few weeks . If construction is going down I assume it will be in a different industry. If she really thinks it is going down that would be smarter move

We are going to see the strain in the Irish commercial property sector, in particular offices, start to manifest. By all accounts, demand for office space (other than from massive MNCs who can afford the latest, greatest, greenest buildings) is on the floor. Workers have not returned en masse for a five day week and it seems like 3 days is the new normal. As this evolves and leases are subject to reviews, I'm sure in an inflationary environment the cost of renting the office that is only occupied half the week will come up for discussion. When we talk of a crash, I think the poster above carving out segments of the market is thinking with the right hat on; some segments will be hit hard, others won't. Commercial offices will be hit hard and the arse has already fallen out of that segment of the market.

Food prices in Canada have gone up massively, and seem to cost a fortune, as compared to France. I am only guessing the reason for that is that the distances are that big, communities sometimes that remote, that only a truck can deliver, - thus everything in the food chain is based on trucking, and that way more than in Europe. What's really crazy is the price of car insurance in Canada, also considering that you can't do without a car outside of major cities anyway. However there are strong variations within the provinces. In terms of money, taxes, take home pay, Alberta always tends to give the best options, and the eastern provinces, especially Ontario and Quebec often the worst.

I sometimes tend to think that Canada's economy only functions as long as there is a steady stream of immigrants, mainly from 3rd world countries who are willing to work anywhere for any salary, or any hourly wage. And then there is the issue of "dirty money" flowing into the country from very wealthy immigrants but also from 3rd world countries, not necessarily Russia, but India, China, and others.... Immigrants are also often better educated than white Canadians born in the country. Also the drug and opioid crisis and also the legalized Cannabis is mainly a problem for those who were born in the country, not immigrants. Immigrants want to make it happen there at any cost, however bad the salary is.

The housing market in Canada is a bit similar in some parts to Ireland. There are the "big 6" meaning 6 banks who do the lending, and a high intake of immigrants and sometimes artificially limiting supply and prices go up. Limited supply is often blamed on shortages of labour force or goods to build, - the usual, I often believe if's more down to the sheer size of the country and the distances to everywhere and everything. Unlike Canada, there was so far never a crash, or a real crash, in 2008 the market simply stayed flat, and that for a while. The real strong upsurge in prices only started to come about around 2012 or so. I think it's mainly down to ultra low interest rates, and immigrants brining lot's of dirty money into the country and authorities turning a blind eye towards things.

No-one believes her. If she cared about inflation, rates would already be 5%+.

What is the criteria for a vacant house?

Is it a house that is habitable?

A house that needs major renovation to be habitable?

A structure that at one time used to be a house, but is now just four walls and a collapsed roof?

once again, currently inflation has virtually nothing to do about the money supply, lagarde and co are working from the neoclassical cook book, so they d be lost!

They will be converted to hotels and apartments.

Possibly.

I think she was the French Finance minister. Then head of the IMF for years. Then on to the ECB.

I doubt she'd know as much as a random poster on boards.ie. Perhaps you should write to the ECB, enclose your own CV and offer your services?

Might want to check what 'economic qualifications' Legarde has on her CV.

She's a lawyer turned politician. Not an economist. Philip Lane is the man with the serious economic cred there.