Yes, some real estate gains have been lost. My observations show Toronto enjoys; a record low office vacancy rate (4%), record low residential vacancy rate (below 1%), surging residential rents, rising Bank of Canada rates (due to full economic utilization), millions of square feet of new office space under construction, low inflation, 2%+ economic growth, excellent job formation. I don’t see it. This is not an environment that will support declining home prices. This price retrenching is short term and government influenced. I just can’t see prices doing anything but rising for a while.
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