I have been crapping on for ageeeees that "we're in a bubble, the market will correct itself" but the last 12 months has thrown that on its head. No immigration, actual population declines for the first time ever and prices still going up. I no longer even pretend to understand.
That I'm actually a bit more optimistic about. We've been collectively using immigration to prop up the GDP for years but it's also been suppressing wage growth (and arguably productivity). Immigration has been flattened due to the pandemic and will probably take years to recover, so there might actually be some notable wage increases in the coming months / years.
Maybe