Do you Believe in the Insanity of the Toronto Real Estate Market?
I had been hearing the stories for years. Guy buys a house in Cabbagetown for a song, a few years later it's worth twice as much as he paid for it. A couple buys a condo on the west side in the pre-construction phase, then sell it upon completion for a ridiculous profit without ever having set foot in the unit.
The Toronto real estate market has been churning out these kinds of stories for about a decade now. Thousands of ordinary people have gotten rich from doing not much more than paying their mortgage every month. When will this wave of unprecedented growth in the market end? What is it going to take to stop the insanity?
Just when the prognosticators were pointing to the slowdown south of the border as a sign of things to come here, the Toronto Real Estate Board announces that this past January was the best January ever recorded for resale properties in Toronto. I would have to say that despite all odds, it still appears to be a seller's market.
While our friends on the Left Coast have devoted entire blogs to the topic of when the supposed bubble will burst, no such organized animosity towards the state of the market exists in the T-dot that I'm aware of.
Bubble? What Bubble? Indeed.
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