Owen Raskovich

to get into a property and to rent that house for a year.

And we even saw this with a place that we were renting.

We could probably take it upon ourselves right now to offer a reduced amount of rent.

Let's say you take $100 off your current rental payment and you say, I'm willing to sign a six month contract now to pay $100 less.

And then the landlord is thinking, oh, look, house prices might fall down.

That means there's more rent available in the market.

Maybe I'll just accept that amount.

And this is different to in the past five or 10 years when homeowners or landlords had the bargaining power.

So they would say, we're going to increase rents this year by $100.

So now the table has turned because there's more supply than demand.

And so renters are thinking, you know what, maybe I'll get away with this.

And if I don't, maybe I'll go to a new place that's cheaper.

And so that's kind of where the rental market's going.

And then the final thing here is some of you may have heard that the government has tried to introduce a moratorium on rental evictions, meaning that the government said, please don't kick your tenants out of the house if they can't make their payments on time.

go to the negotiation table with your tenant and landlords, let's try and cooperate here for the best outcome for everyone.

And what that was interpreted by from investor's perspective is maybe it's not a good time to invest in property because we might be forced to lower our rents just because the government is saying so.

So these are the two markets that we have or the two considerations.

We have the house prices, which are expected to fall.

We also have rentals and the amount of rent that landlords can collect is also expected to fall.

So I want to now talk about forecasts more broadly.