I'm not sure what you think the facts are in this case but Gwb_Trading does rather biased searches and adds his own homemade conclusions to them. He is misrepresenting the nature of the Toronto real estate market this year, suggesting the market is crashing among other faulty or exaggerated conclusions. I don't have to prove anything he's the one swinging theories that lack substance. There is only a tinge of reality to what he is saying; only detached home buyers who bought since January 2017 and overextended their budgets have real issues.
For most long term residents of Toronto and area, the last two years are a non-event in their lives. Even using Gwb_Trading's post, it says the average home went up roughly 15% in value from March 2016 to March 2018. In reality, many other articles have shown that in that time period, detached home prices swung wildly and in the face of large new taxes may have gone down considerably in price this year. However, more affordable homes like condos and townhomes for families actually went up considerably in price. Some of those prices tapered off the last 3 months. The exact details are inconsequential to long term owners it's just short term volatility and anyone truly short on money can make a mint renting out their place in this market.
I am more aware of local market fluctuations more then Gwb_Trading. So this concept that I have my head in the sand is absurdly stupid but if this is what Elite Trader posters see as intelligence you are welcome to it, it has no impact on my life. Reminds me of what occurred on this site early in this bull market in stocks when I tried to defend the likely long term trend in US equities ( in the years 2010-2013 ) only to be mocked by a small arrogant crew on here. Given time, my opinions stood up rather well. I take a fundamental view about markets and ignore short term noise that young traders and some emotionally charged posters tend to obsess about. I've been around long enough to see how many events tend to play out on a longer term basis. Current demographic studies suggest continued rapid growth in Toronto until the year 2050. Trump has added to this trend creating even more demand for housing for the growing IT professional market here right now.
Suddenly now you change your context from "the real estate market in Toronto is not declining in price. Condos are going up in price" to "long term owners don't have a problem". Nice attempt at moving the goal posts. The bottom line is that a significant correct in the GTA market has arrived. Sales and prices are down greatly across all real estate categories in the GTA over the past 12 months.
The reality is that real estate market in Toronto currently resembles a perfect storm of many underlying issues colliding to create a tremendous structural market correction. As outlined in many articles, these factors include:
- A significant tightening in bank mortgage lending standards.
- A great reduction in foreign purchasing since Ontario introduced a 15% tax on those purchases.
- A private (sub-prime) mortgage market representing over 10% of mortgages held in the GTA.
- A significant number of condos sitting unoccupied.
- Financial institutions pulling out of financing new construction.
- A job market focused on finance which will be the most impacted employment sector from a Canadian real estate correction.
Beyond the Toronto Real Estate Board (TREB) cheerleaders who are merely "talking their book" (quoted in your one article) - you can find no organization or financial media with a positive outlook regarding the GTA real estate market.