I have always said, the true test was back in 2008, when global real estate markets melted, worst time since 29, if we survived that while other markets worldwide lost 30 to 60 percent of their value, what will bring us down now. I remain bullish on real estate not because I sell core condos and resale homes, but because I also invest in what I sell and if there was a better more stable investment other than real estate or if I see storm clouds on the horizon, I would be getting out and moving money into another instrument. I dont read the papers and let fear hold me back from moving forward, I continue to focus on the indicators, rates, unemployment that is absorbing immigration-economy expansion, local and global investors continuing to pour $ here vs abroad and Canada being viewed as a safe place to invest, our currency is a test to that. There are 2 things that worry me somewhat as mentioned above.
You sir are what we call a shill. Nothing further needs to be said.
64 million vacant homes in China
This is a screaming warning of the kind of community that we are in danger of creating when a local housing market loses touch with real supply and demand forces and rampant speculation takes hold of a market. There is no official database of condo occupancy and it really would not surprise me to learn that a great many of the units sold in the past 5 years are sitting intentionally unoccupied. In a Planned economy like China the results are more manageable as control is centralized, but if we continue to see a market fueled by Condo George-esque forces I fear we are in danger of a very painful housing market collapse and we won't have a Communist government to bail us out either. Unless of course the NDP pulls off a miracle victory next week but I digress.
Just so you can fully appreciate my objectivity, I have a very strong vested interest in the continued and enduring strength of the Toronto real estate market and I very genuinely hope that my instincts and repetitive common sense analysis is off the mark. I truly have far far more to gain if the party doesn't end than if it does, though I am well positioned to act quickly should distressed opportunities arise. I just don't see how it can go on for much longer at this pace when the speculators are so dominant.
Happy Easter all!