There is nothing wrong with Toronto’s condo market, or real estate market for that matter. If the government would stop meddling constantly in the industry we will be fine. Rosenberg is wrong. Toronto has made a big jump into a ‘super city’ status. Like Paris, Sydney, Vancouver, Paris, London, New York, Hong Kong etc., who all made the jump 10 – 25 years ago. We cannot use traditional measures for our marketplace. This is an uncomfortable place to be as regular measures used by economists no longer hold true. It is however, the reality of Toronto. This is not to say that future corrections won’t alter prices. Having said this, the status of a ‘super city’ is not going to change. We also cannot compare the US ‘house’ economy to Canada’s, they are like apples and oranges. The US will always fall harder and rise larger.
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