Used condo prices over the next few years

[Observer Walt]

I talk to people in several of the banks pretty regularly. I have heard no such rumors, and if it were a widespread situation at all, it certainly couldn't be kept a secret.

The economy is slowing a bit; that's no surprise by now. But it's still pretty good, actually. The sky is not falling.

 

[cdr108]

I talk to people in several of the banks pretty regularly. I have heard no such rumors, and if it were a widespread situation at all, it certainly couldn't be kept a secret.

The economy is slowing a bit; that's no surprise by now. But it's still pretty good, actually. The sky is not falling.

I work for a bank and IT IS HAPPENING.

Alot of bank employees are not considered 'full time' hence don't get counted as such, which gives the banks the flexibility to reduce the hours to where it's not feasible for the employee to maintain their 'job' or are hired with temp agencies on contract which don't get renewed.

Remember, we're not talking about 1000's from one specific bank but spread throughout the various institutions.
1 person every other branch/dept adds up.

 

[CGM]

Year over year sales in several big box stores in downtown are UP. Nationally the picture might be different, I don't know, but there will always be slow downs and layoffs in some sectors and quite the opposite in others (i.e. resouces) ... No reason to panic

 

[cabbagetowner]

i don't think anyone is going to argue the economic picture in the short term is not as rosy as it was last year. this is not a bad thing. softness in the real estate market is a given after an unprecedented run up like we've seen. speculators and flippers in the condo market are going to have a hard time. double digit increases are unsustainable and are not healthy long term. a correction helps with affordability which is good overall for toronto.

 

[daveto]

Well, the month may be only half over, but it seems unlikely we'll see a decrease in August YOY prices.

The TREB mid-month data is showing a 5% increase.
http://toreal.blogs.com/

Given my prognostication I guess that means I'm half-shocked, but trending towards shocked.

August YOY #s are out. http://www.torontorealestateboard.com/consumer_info/market_news/news2008/nr090408.htm

City of Toronto down 1%.