Toronto Real Estate Sales up 20%, Can it Last?

14 October 2009

Now that 2009 sales have beat the experts again, these same experts are now telling us 'it cannot last'! Remember they missed the bottom of the market in February ( we called it in early April), then the spring market was simply deemed the 'false up' and the fall market would just drop back. Well the fall market has surpassed even the record year of 2007. So now the experts are telling us that this market is not sustainable! Again no basis for this conclusion (like the others) but hey, they're the experts! 2009 sales will match the years of 2004, 2005, and 2006! Are you telling me that we cannot maintain sales levels of 4-6 years ago?? Are there not more people living in Toronto now? Are incomes not higher too? And the recession? All I know is that when I drove to work today (Remembrance day), the roads were empty. Who did not work today? Civil servants and bank employees. These are two groups who have job security and that is a big basis of the downtown Toronto market. And when you add in two universities andd numerous major hospitals, I would say that is a fairly sustainable base! It's amazing that people on the street can have a better perspective than those working on the executive floors!