I don't think anybody is speculating now. It's risky. When you buy an asset now with the expectation that it will be worth more three or four years from now...that's a gamble I would not be taking. It was perhaps a gamble that some condo investors took in 2020, 2021 and 2022, but it has been a disaster for many of those investors that bought new condos at $1,400 per square foot or $1,200 per square foot and now find they're worth $800 or $600 per square foot.
I don't think there are many speculators in the market anymore.